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JAMB - Accounts Principles Of Accounts (2019 - No. 47)

Use the following to answer this question


Opening stock
Purchases
Sales
Closing Stocks		 ₦
20,000
70,000
100,000
15,000

Use the following to answer this question


Opening stock
Purchases
Sales
Closing Stocks		 ₦
20,000
70,000
100,000
15,000

Use the following to answer this question


Opening stock
Purchases
Sales
Closing Stocks		 ₦
20,000
70,000
100,000
15,000
What was the gross profit?
₦35,000
₦75,000
₦50,000
₦25,000

Explanation

Gross profit = sales - cost of goods sold
100,000 - 75,000
⇒ ₦25,000

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