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GCE Financial Accounting 1990 Question 39

Question 39

Final Accounts of a Sole Trader

Stock is ₦200 at start, and ₦320 at close. Purchases ₦2,055 and Sales ₦3,186. The value of goods available for sale will be

  1. A.₦3,186
  2. B.₦2,255
  3. C.₦2,175
  4. D.₦2,055
  5. E.₦1,935.
Show the answer and explanation

Answer: B (₦2,255)

Explanation

Opening stock 200 + purchases 2,055 = ₦2,255.