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JAMB Accounts Principles of Accounts 2019 Paper

Question : 9

Total: 71

Use the following information to answer this question

	₦	₦
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.

Solution:

Net profit on % of expenses =

Net profit x 100

Expenses

= $\; \frac{25000}{38000}$ x 100

= 65.7%

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