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WAEC Financial Accounting 2000 Question 43

Question 43

Final Accounts of a Sole Trader

Sales: N14,600
Purchases: N5,500
Returns inward: N150
Rent: N2,000
Salaries: N1,000
Discount received: N400
Closing stock: N250
Opening stock: N100
The cost of goods sold is

  1. A.N5,350
  2. B.N5,160
  3. C.N4,500
  4. D.N4,250.
Show the answer and explanation

Answer: A (N5,350)

Explanation

100 + 5,500 − 250 = N5,350.