JAMB Accounting Past Questions & Answers - Page 98

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.

What is the amount to be written off as other expenses?

The working capital of the club is

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000..........?..................
Discounts allowed..2000...........................?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

What is department Q's share of discount allowed?

.............Total......... Dept.P.............Dept.Q
...............N...............N.................N
Sales.........10000............6000..............4000
Purchases......4000............1000..............3000
Discount received.1000.....?...........
Discounts allowed..2000...........?.
Discount (allowed and received) are apportioned to the two departments on the basis of departmental sales and purchases.

Department P's share of discount received is

 

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the