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WAEC Commerce 2010 Question 47

Question 47

Business Calculations

Use the following information: Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000.
What was his net profit?

  1. A.₦35,000
  2. B.₦25,000
  3. C.₦15,000
  4. D.₦5,000
Show the answer and explanation

Answer: D (₦5,000)

Explanation

Total cost = 20,000 + 5,000 = ₦25,000; net profit = 30,000 − 25,000 = ₦5,000.