JAMB Principles of Accounts 2003 Question 44

Question 44

Branch Accounts

Use the information below to answer questions 43 and 44.
(₦)
Goods from head office 13 400
Returns to head office 118
Rates and insurance paid 188
Wages paid 913
Cash remitted to head office 16 625
Stock at 1/1/2000 1 875
Rent paid 325
Stock at 31/12/2000 1 975
Sundry expenses 200
What is the total expenses?

  1. A.₦1 875
  2. B.₦1 764
  3. C.₦1 626
  4. D.₦1 426
Show the answer and explanation

Answer: C (₦1 626)

Explanation

Expenses = rates and insurance 188 + wages 913 + rent 325 + sundry 200 = ₦1 626.