Paper 2 · November 2014 · Departmental accounts
In J. Sithole's departmental accounts for the year ended 31 December 2011, the combined gross profit from the Furniture and Electrical departments was $72 000. After adding other income of $2 500 and deducting total expenses of $51 900, what was the net profit for the year?
Model answer
$22 600
Also accepted: 22600, 22 600
Explanation
$72 000 + $2 500 - $51 900 = $22 600.
Derived from ZIMSEC Principles of Accounts 7112/2 Paper 2, November 2014 Specimen Paper, Q1