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Department        K                    Y...

Accounts - Principles of Accounts
JAMB 2013

Department        K                    Y
Opening stock  #2,500          #800
Purchases   #120,000        #100,000
Sales         #180,000           #200,000
Salaries      #8,000             #30,000
Closing stock #3,000          #1,500
Rate expenses of #1,500 are apportioned in the ratio 1:2.

What is the net profit of Y?

  • A. #52,000
  • B. #68,300
  • C. #68,800
  • D. #69,300
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Correct Answer: Option C
Explanation

opening stock            800         
purchase                 100,000     
                                100,800
less; closing stock   1500                          99,300

Salaries                                      30,000
Rates(1:2 of 1500= 1/3x1500)      500      30500 
                                                                   68,800
                                                                                                
                                     

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts