JAMB Past Questions and Answers - Page 1240

6,196.

......................... Departments
........................... P Q R
Sales value............... N23,400
Selling expenses.......... 1,100 N1,400 N1,280
Administrative expenses...N1,400 N1,000 N1,020
Cost of sales............. N6,900.... N6,700 N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

Determine the total expenses of department P?

9,760

9,400

2,860

2,500

View answer & explanation

Correct answer is C

Depreciation is considered an operating expense so it will be added to the expenses.

Total expense of P = Selling expenses + Administrative expenses + depreciation

1100 + 1400 + 3/15 x 1800

1100 + 1400 + 360 = 2,860

6,197.

.....................Departments
..................... P Q R
Sales value............... N23,400
Selling expenses.......... 1,100 N1,400 N1,280
Administrative expenses...N1,400 N1,000 N1,020
Cost of sales............. N6,900.... N6,700 N5,500

Sales value of department Q doubles that of p, which is 1/3 of R. Depreciation which amounts to N1,800 is to be apportioned among the three departments in the ratio 3:5:7 respectively.

What is the sales value of department R?

N7,800

N11,700

N23,400

N35,100

View answer & explanation

Correct answer is D

Sales volume of Q = 23,400

If sales volume of Q doubles that of p which is 13 of R we have;
for P = 23,400 ÷ 2p

p = 23,400 ÷2 = 11,700

Since R is 13 of P, hence we have,

R= 1/3P
R = 3 x P

R = 3×11700 = 35,100

6,198.

i. Space occupied by each department.
ii. Average value of stock held by each department.
iii. Departmental turnover.
iv. Number of articles sold by each department .

From the information above, the two most logical bases for apportioning expenses that are common to departments are?

i and ii

i and iii

ii and iii

iii and iv

View answer & explanation

Correct answer is B

No explanation has been provided for this answer.

6,199.

Given:

Furniture and fittings..................N20,000
Equipment...............................N15,000
Bank overdrafts.........................N6, 500
Bar creditors...........................N4,800
Subscription in arrears.................N4,700
Subscription in advance.................N650

What is the accumulated fund?

23,700

27,750

29,650

51,650

View answer & explanation

Correct answer is B

Accumulated fund = Total assets - Liabilities

20,000 + 15,000 +4,700 - (6,500+4800+650)

39,700-11,950 = 27,750

6,200.

Receipt and payments account is a summary of the?

Budget

Trading account

Cash book

Profit and loss account

View answer & explanation

Correct answer is C

A receipts and payments account is a summary of actual cash receipts and payments extracted from the cash book over a certain period. All cash received and paid during the period whether capital or revenue is included in this account. It is the equivalent of a cashbook.