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WAEC Financial Accounting 2000 Question 45

Question 45

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
Net Sales is

  1. A.N15,000
  2. B.N14,750
  3. C.N14,600
  4. D.N14,450
Show the answer and explanation

Answer: D (N14,450)

Explanation

14,600 − returns inwards 150 = N14,450.