WAEC - Accounts Principles Of Accounts (2000 - No. 40)

Use the following information to answer the given question

\(\begin{array}{c|c} & N \\ \hline \text{Sales} & 14,600 \\ \text{Purchases} & 5,500 \\ \text{Return inward} & 150 \\ \text{Rent} & 2,000 \\ \text{Salaries} & 1,000 \\ \text{Discount received} & 400\\ \text{Closing stock} & 250 \\ \text{Opening stock} & 100\end{array}\)
Net profit is

N9,100

N7,850

N7,750

N6,500

Explanation

sales 14,600
less; sales returns 150
14,450
purchases --------- 5,500
disc, received ---- -400
5,100
opening stock------ 100
closing stock-------- -250
cost goods sold 4,950
9,500

Rent -------- 2,000
salaries --- 1,000 3,000
Net profit 6,500

WAEC - Accounts Principles Of Accounts (2000 - No. 40)

Explanation

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