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WAEC Financial Accounting 2000 Question 44

Question 44

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
Gross Profit is

  1. A.N10,350
  2. B.N10,200
  3. C.N9,500
  4. D.N9,100.
Show the answer and explanation

Answer: D (N9,100.)

Explanation

Net sales 14,450 − cost of sales 5,350 = N9,100.