Opening stock Purchases Sales Closing Stocks |
₦ 20,000 70,000 100,000 15,000 |
What was the gross profit?
₦35,000
₦75,000
₦50,000
₦25,000
Correct answer is D
Gross profit = sales - cost of goods sold
100,000 - 75,000
⇒ ₦25,000
Which of the following is a self-balancing account? ...
Where a proprietor withdraws cash from bank for office use, the entries would be ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
Discount received account is a ...
Which of the following is not a revenue to a local government? ...
Danladi Bako's Statement of Affairs as at 30/06/17 ₦ &...
Which of the following is used in locating errors in the ledger? ...
Which of the following is not used for determining working capital? ...