WAEC - Accounts Principles Of Accounts (2022 - No. 40)
Use the following information to answer questions below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | ----- | ||
| Gross profit | ------ | ||
| 196000 | 196000 |
The gross profit is
GH⊄ 88,800
GH⊄ 43,200
GH⊄ 152,800
GH⊄ 107,200
Explanation
Gross profit = (Sales + Return inward) - Cost of goods sold
= 196,000 - 107,200
= 88,800
= 196,000 - 107,200
= 88,800
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