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WAEC Financial Accounting 2003 Question 34

Question 34

Final Accounts of a Sole Trader

Opening Stock N40,000
Purchases N130,000
Closing Stocks N32,000
Sales N180,000
What was the gross profit?

  1. A.N58,000
  2. B.N50,000
  3. C.N42,000
  4. D.N10,000
Show the answer and explanation

Answer: C (N42,000)

Explanation

180,000 − 138,000 = N42,000.