JAMB - Commerce (2014 - No. 29)
The net profit is the excess of gross profit and sources of income over all the expenses . This implies that net profit is
the difference between gross profit and trade expenses
the different between gross profit and net sales
sales less cost of sales including sales returns
opening stock add purchases less closing stock
Vysvetlenie
Net profit is the actual profit after working expenses not included in the calculation of gross profit have been paid. It is the difference between gross profit and expenses. e.i gross profit - expenses