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JAMB - Accounts Principles Of Accounts (2019 - No. 46)

Use the question to answer this question:

Opening stock ₦
Department
A
B
100
800
Purchases:
A
B
Wages of workers
Salaries
1500
2000
50
100
Sales
A
B
3000
5000

Expenses are to be shared in the ratio of sales.

Use the question to answer this question:

Opening stock ₦
Department
A
B
100
800
Purchases:
A
B
Wages of workers
Salaries
1500
2000
50
100
Sales
A
B
3000
5000

Expenses are to be shared in the ratio of sales.

Use the question to answer this question:

Opening stock ₦
Department
A
B
100
800
Purchases:
A
B
Wages of workers
Salaries
1500
2000
50
100
Sales
A
B
3000
5000

Expenses are to be shared in the ratio of sales.

What was the cost of goods sold?
₦25,000
₦35,000
₦50,000
₦75,000

Explanation

Cost of goods sold = Opening stock + Purchases - closing stocks
20,000 + 70,000 - 15,000
⇒ ₦75,000

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