Introduction to Company Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 136:

• JAMB 2018

	N
sales	20,000
cost of sales	10,000
operating expenses	2,500
expenses prepaid included in operating expenses	500

use the information above to answer the following question.


what is the gross profit margin?

A. 100%
B. 50%
C. 40%
D. 30%

Question 137:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

What is the Gross Profit on percentage of sale?

A. 2.7%
B. 0.27%
C. 27.0%
D. 29.8%

Question 138:

• JAMB 2019

Use the following information to answer this question
The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th June, 19x8

	₦	₦
Salesless: cost of goods sold		233,000170,000
		63,000
less: Overhead ExpensesAdmin expensesSelling expensesOther overhead expenses	16,80015,0006,200
Net profit		25,000

Calculate the net profit on percentage of expenses.

A. 60%
B. 25%
C. 13%
D. 65.7%

Question 139:

• JAMB 2019

Mr Ojo gives you the following information on 31st July 2017
Opening Stock 7,000
Closing Stock 12,000
Purchases 60,000
Expenses 4,500
Uniform margin of 33 \(\frac{1}{3}\) %
You are required to calculate the sales

A. #55,000
B. #82,500
C. #27,500
D. #50,000

Question 140:

• JAMB 2019

Use the following to answer this question.
Industry ltd, issued 100,000 shares at ₦1 each out of its Authorized share capital of ₦200,000 at ₦1 each. At the of the first call, all shareholders paid in full, except for two shareholder who owes ₦20,000.


The company's paid-up capital is

A. #70,000
B. ₦80,000
C. ₦220,000
D. ₦120,000