WAEC Financial Accounting 1999 Theory question 105

Section B (Financial Accounting Practice; answer three questions only from this section)
5. Mary Oluwa operates the Lagos Departmental Store selling provisions, clothing and hardware. The following details relate to the business for the year ended 31st December, 1998.
Stock at 1st January, 1998: Provisions N10,000; Clothing N30,000; Hardware N45,000
Sales for 1998: Provisions N2,800,000; Clothing N4,800,000; Hardware N4,400,000
Purchases for 1998: Provisions N480,000; Clothing N790,000; Hardware N950,000
Rent and Rates N635,000
Lighting and cooling N1,200,000
Insurance N450,000
Carriage inwards N300,000
Carriage outwards N45,000
Administration expenses N105,000
Wages and Salaries N206,000
Fixed Assets N4,500,000
Additional information
(a) Closing stock was 20% more than the closing stock of 1997
(b) Carriage outwards expenses are to be apportioned ½ to hardware, the remainder equally between provision and clothing (c) Rent and rates, administration expenses and wages and salaries are to be apportioned on the basis of sales (d) All other expenses are to be apportioned equally (e) Fixed assets are depreciated at 10% per annum. You are required to prepare Departmental Trading and Profit and Loss Account to show departmental and total profit.