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.<br/>Opening stock = 1000<br/>Purchases = 7000<br/>Sales = 8000<br/>Closing stock = 3000<br/>Trading expenses = 1400<br/>From the figures given, calculate Net profit
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Correct Answer: Option C
Explanation:
Net profit is calculated by deducting trading and other relevant expenses from gross profit.<br/><br/>Net profit = Gross profit - Expenses<br/>= 3000 - 1400<br/>= 1600.<br/><br/>Therefore, the net profit is N1,600.
Net profit is calculated by deducting trading and other relevant expenses from gross profit.<br/><br/>Net profit = Gross profit - Expenses<br/>= 3000 - 1400<br/>= 1600.<br/><br/>Therefore, the net profit is N1,600.