N1,310
N1,850
N1,990
N2,210
Correct answer is A
The insurance premium to be taken to the profit and loss account will be the amount which could not be recovered by the trader on account of credit sales. It is a business loss, so is debited in the profit and loss account.
Insurance premium posted to the P/L account would be;
710 + 600 = 1310
If the opening stock is 5% of sales. calculate the purchases
N95,600
N95,000
N90,600
N85,000
Correct answer is C
opening stock + cost of goods sold - closing stock = purchase
Remember COGS was given as;
cost of goods sold = sales - profit (10% of sales)
100,000 - 10,000 = 90,000
Hence we have;
purchase = 5,000 + 90000 - 5,600 = 90,600
If the gross profit margin is 10% of sales, what is the value of the cost of goods sold?
N10,000
N90,000
N105,600
N110,000
Correct answer is B
No explanation has been provided for this answer.
N5,200
N3,000
N2,800
N2,500
Correct answer is D
No explanation has been provided for this answer.
N2,500
N2,300
N2,200
N1,700
Correct answer is B
No explanation has been provided for this answer.
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