Use the following information to answer the given questio...
Use the following information to answer the given question:
NStock at 1st Jan. 19016,500Stock at 31st Dec. 19015,500Creditors at 1st Jan. 19014,000Creditors at 31st December 19015,000cash paid for goods during the year20,000Gross profit25% on costAdministrative and selling expenses2,750
What is the amount charged in the profit and loss account?
6,500
N5,500
N5,000
N4,000
N2,750
Correct answer is E
No explanation has been provided for this answer.
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