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WAEC Financial Accounting 2021 Question 27

Question 27

Final Accounts of a Sole Trader

Use the following information to answer questions 27 and 28.
Gross profit: GH¢50,400
Discounts received: GH¢3,300
Discounts allowed: GH¢2,500
Net profit: GH¢26,500
Cost of goods sold: GH¢184,000
Sales for the period is

  1. A.GH¢234,400.
  2. B.GH¢210,500.
  3. C.GH¢133,600.
  4. D.GH¢76,900.
Show the answer and explanation

Answer: A (GH¢234,400.)

Explanation

Sales = cost of goods sold + gross profit = 184,000 + 50,400 = GH¢234,400.