WAEC Financial Accounting 2007 Question 11

Opening stock N1,800
Closing stock N1,350
Creditors – 1/01/2004 N1,275
Creditors – 31/12/2004 N1,140
Cash paid to creditors N6,900
Debtors 1/01/2004 N465
Cash received from debtors N11,130
Debtors 31/12/2004 N300
Gross profit for the year was

1. A.N4,650
2. B.N4,200
3. C.N3,750
4. D.N2,400.