Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
Trading Expenses
From the figures given, calculate
Gross profit
| ₦ | ₦ | ||
| Opening stockPurchase | 10007000 | Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
| ElectricitySalariesRentDepreciations | ₦135875180210 |
From the figures given, calculate
Gross profit
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Correct Answer: Option B
Explanation:
Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000
Gross profit = Sales - Cost of goods sold
Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000
⇒ 6000
Therefore, Gp = 8000 - 6000 = 3000