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JAMB - Accounts Principles Of Accounts (2019 - No. 9)

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

  ₦ ₦
Sales
less: cost of goods sold		   233,000
170,000
    63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses
16,800
15,000
6,200


 
Net profit   25,000

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

  ₦ ₦
Sales
less: cost of goods sold		   233,000
170,000
    63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses
16,800
15,000
6,200


 
Net profit   25,000

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

  ₦ ₦
Sales
less: cost of goods sold		   233,000
170,000
    63,000
less: Overhead Expenses
Admin expenses
Selling expenses
Other overhead expenses
16,800
15,000
6,200


 
Net profit   25,000
Calculate the net profit on percentage of expenses.
60%
25%
13%
65.7%

Explanation

Net profit on % of expenses =

Net profit    x 100
Expenses

= \(\frac{25000}{38000}\) x 100

= 65.7%

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