Calculation of profits (gross and net) - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 2007

What is the net working capital ?

A. N 6 000 000
B. N 16 000 000
C. (N 11 000 000)
D. N 25 000 000

Question 12:

• JAMB 2009

10% IS CHARGED ON DEPRECIATION OF FIXED ASSETS
Determine the value of Ojo's fixed assets

A. N 14450
B. N13450
C. N13005
D. N12005

Question 13:

• JAMB 2012

Given:
opening stock #1,800
purchases #2,800
sales #8,000
closing stock # 350
carriage on sales # 500
calculate the value of the unused stock.

A. #800
B. #500
C. #350
D. #320

Question 14:

• JAMB 2014

The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is

A. The difference between gross profit and trade expenses
B. The different between gross profit and net sales
C. Sales less cost of sales including sales returns
D. Opening stock add purchases less closing stock

Question 15:

• JAMB 2015

Given
\(\begin{array}{c|c}
\text{Opening stock} & 50,000 \\
\hline
\text{Purchases} & 200,000 \\
\hline
\text{Sales} & 350,000 \\
\hline
\text{Closing stock} & 80,000 \\
\end{array}\)
What is the cost of good sold?

A. N200,000
B. N190,000
C. N170,000
D. N175,000