WAEC - Accounts Principles Of Accounts (2018 - No. 24)
Use the information below to answer the question that follows
Sales--------------- 120,000
Purchase-----------100,000
Opening stock-----10,000
Closing stock------20,000
The gross profit or loss is?
Le 30,000 profit
Le 20,000 profit
Le 10,000 loss
Le 30,000 loss
Explanation
Opening stock------------- 10,000 Sales --------- 120,000
Purchase------------------- 100,000
110,000
Less: Closing stock-----------20,000
Cost of goods sold------- 90,000 90,000
Gross profit 30,000
Purchase------------------- 100,000
110,000
Less: Closing stock-----------20,000
Cost of goods sold------- 90,000 90,000
Gross profit 30,000
Comments (0)
