Departmental trading and profit and loss account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2002

Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
Department P's share of discount received is

A. N750
B. N1000
C. N250
D. N500

Question 7:

• JAMB 2002

Use the information below to answer this question.
.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.
What is department Q's share of discount allowed?

A. N2000
B. N1500
C. N800
D. N1200

Question 8:

• JAMB 2003

A company has two departments X and Y. Y transferred goods to X at a profit margin of 25%. N10,000 worth of goods was not sold at the end of the accounting period.
How much is the unrealized profit?

A. N2000
B. N2500
C. 12000
D. 12500

Question 9:

• JAMB 2003

A company has departments M and N. The expenses incurred wholly in M is N5000. General expenses incurred amount toN25000. Expenses are apportioned in the ratio 2:3 for departments M and N respectively.
What is N's share of the expense?

A. N10 000
B. N15 000
C. N18 000
D. N20 000

Question 10:

• JAMB 2004

What is the net profit made by department S?

A. N3,600
B. N,3000
C. N2,400
D. N2,000