2013 - JAMB Accounting Past Questions and Answers - page 4

1. Direct materials
11.Direct labour
111.Direct expenses
1V. Factory expenses

Prime cost consist of

The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

A partnership's internal regulations are set out by

In a partnership account, interest on drawings is

When a share valued at 50k is issued at #1.59, it is said to be issued at

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

When shares are issued at a discount, entries are to debit

When there is no basis of apportionment in an organization, the expenses should be apportioned based on

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.

The gross profit for K is

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 he net profit of Y?