JAMB - Commerce (2019 - No. 46)

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

	₦		₦
Opening stock Purchase	1000 7000	Sales	8000
Closing Stock	3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

₦
135
875
180
210

From the figures given, calculate

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

	₦		₦
Opening stock Purchase	1000 7000	Sales	8000
Closing Stock	3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

₦
135
875
180
210

From the figures given, calculate

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

	₦		₦
Opening stock Purchase	1000 7000	Sales	8000
Closing Stock	3000

Trading Expenses

Electricity
Salaries
Rent
Depreciations

₦
135
875
180
210

From the figures given, calculate

Gross profit

300

3000

6000

11000

Explanation

Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000

JAMB - Commerce (2019 - No. 46)

Explanation

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