2024 - JAMB Accounting Past Questions and Answers - page 1

Here’s how to calculate the net profit as a percentage of expenses: 1. **Calculate Total Expenses:** * Administrative Expenses: ₦16,800 * Selling Expenses: ₦15,000 * Other Overhead Expenses: ₦6,200 * Total Expenses = ₦16,800 + ₦15,000 + ₦6,200 = ₦38,000 2. **Calculate the net profit:** The net profit is given as ₦25,000. 3. **Calculate Net Profit Percentage:** * Net Profit Percentage = (Net Profit / Total Expenses) * 100 * Net Profit Percentage = (₦25,00

The basic accounting equation is:* Assets = Liabilities + Owner's EquityNone of the provided options accurately represent this fundamental equation.

The accounting equation is: Assets = Liabilities + Owner's Equity. Owner's Equity is the claim of the owners on the assets of the business. It is also known as capital. Capital is calculated by subtracting liabilities from assets. Therefore, the amount by which assets exceed liabilities represents capital.

In the absence of a partnership agreement, the relevant legal framework (often based on common law principles or specific partnership acts) dictates how certain financial aspects are handled. One of these is the interest paid on loans advanced to the partnership by a partner. The standard rate in many jurisdictions, including what is commonly tested in JAMB accounting, is 5% per annum.

To calculate the gross profit, we need to use the following formula:Gross Profit = Sales - Cost of Goods Sold (COGS)First, we need to calculate the Cost of Goods Sold (COGS):COGS = Opening Stock + Purchases - Closing StockCOGS = 10000 + 70000 - 15000COGS = 65000Now, we can calculate the gross profit:Gross Profit = Sales - COGSGross Profit = 120000 - 65000Gross Profit = 55000However, the question seems to have a typo. The closest answer that is obtainable using the information is:Gross Profit = Sales - (Purchases + Opening Stock - Closing Stock)Gross Profit = 120000 - (70000 + 10000 - 15000)Gross Profit = 120000 - 65000Gross Profit = 55000The cost of sales formula appears to be correctGross Profit = Sales - Cost of SalesCost of sales = Opening Stock + Purchases - Closing StockCost of sales = 10000 + 70000 - 15000 = 65000Gross Profit = 120000 - 65000 = 55000This is option CI had to use the values provided to arrive at an answer. Perhaps option B is a typo and the value should have been #55000.

When manufactured goods are transferred to the trading account at the market price, the difference between the cost of production and the market price is credited to the manufacturing account. This is because the manufacturing account is used to determine the cost of goods manufactured, and the difference represents the profit or loss made during the manufacturing process.

Here's how to calculate the sales for the year: * **Calculate the closing debtors:** Beginning debtors + Credit Sales - Cash received - Discount allowed = Closing Debtors. Therefore, Credit sales = Closing Debtors + Cash received + Discount allowed - Beginning Debtors. * Credit sales = 6000 + 10000 + 500 - 2000 = 10,500. * **Calculate the cost of goods sold (COGS):** Beginning stock + Purchases - Closing stock = COGS. * Since we are not given beginning purchases, we can not calculate the purchases. * **Calculate total sales:** * Cash received from debtors = 10,000 *

The provided options are not methods of stock valuation. Common methods of stock valuation include: * First-In, First-Out (FIFO) * Last-In, First-Out (LIFO) * Weighted-Average Cost * Specific Identification

Depreciation is the decrease in the value of an asset over time due to use, wear and tear, obsolescence, or the passage of time.

To determine the council's expenditure, we need to identify the expenses from the provided details and sum them up. The expenses are: * Salaries: #15,000 * Vehicles fueling: #7,000 * Hospital beds: #8,000 * Ambulance: #13,000 Total expenditure = Salaries + Vehicles fueling + Hospital beds + Ambulance = #15,000 + #7,000 + #8,000 + #5,000 = #35,000