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WAEC Financial Accounting 2024 Question 9

Question 9

Incomplete Records

Use the following information to answer questions 7 to 9.
Opening stock: Le 6,000
Sales: Le 180,000
Closing stock: Le 4,200
Mark-up is 33⅓%
The gross profit is

  1. A.Le 60,000
  2. B.Le 45,000
  3. C.Le 44,000
  4. D.Le 33,750
Show the answer and explanation

Answer: B (Le 45,000)

Explanation

180,000 − 135,000 = Le 45,000 (one-third of cost).