Accounts - Principles of Accounts Past Questions and Answers

Given:
From the above information, the gross profit from department X is

Use the information below to answer this question.
\(\begin{array}{c|c}
\hline & \text{Dept A} & \text{Dept B} \\
\hline
\text{Sales} & 180,000 & 150,000 \\
\hline
\text{Cost of sales} & 79,000 & 85,000 \\
\hline
\text{Expense} & 28,000 & 40, 000 \\
\end{array}\)
How much is the gross profit for department A?

Cost of rent as an expense can be apportioned to all department on the basis of:

Use the question to answer this question:

Opening stock	₦
DepartmentAB	100800
Purchases:ABWages of workersSalaries	1500200050100
SalesAB	30005000

Expenses are to be shared in the ratio of sales.


The cost of goods for department B is

Use the information below to answer the question.
Phebe Enterprises has two departments S and T, with the following information

S ₦Opening stock 5,000Purchases 26,000Closing stock 7,000Sales 45,000

T₦1,500 3,0002,5004,000

The following expenses are to be shared in the ratio of 4:1
Rent ₦8,300
General expenses ₦3,200
What is the net profit (or loss) contributed by department T