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[table the figures given, calculateGross profit
| stockPurchase | 1000 | 7000 | Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses[table the figures given, calculateGross 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