Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
| Purchases | 160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
|
Salaries |
27,600 |
|
Closing stock |
14,100 |
The net profit is
D 21,760
D 18,260
D 21,020
D 21,620
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
D 39,360
D 38, 620
D 36,360
D 39,220
Correct answer is C
The given information states:
Sales: D195,000
Purchases: D160,000
Returns outwards: D880
Carriage inwards: D740
Returns inwards: D620
To calculate the cost of goods sold, we need to subtract the returns inwards and carriage inwards from the purchases:
Cost of Goods Sold = Purchases - Returns Inwards - Carriage Inwards
Cost of Goods Sold = D160,000 - D620 - D740
Cost of Goods Sold = D158,640
Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = D195,000 - D158,640
Gross Profit = D36,360
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The cost of goods available for sale is
D 175,860
D 175,380
D 175,120
D 175,460
Correct answer is D
To calculate the cost of goods available for sale, we need to add the purchases, returns inwards, and carriage inwards to the opening stock.
The given information states:
Purchases: D160,000
Returns inwards: D620
Carriage inwards: D740
Opening stock: D14,100
To calculate the cost of goods available for sale, we add these amounts:
D160,000 + D620 + D740 + D14,100 = D175,460
Therefore, the cost of goods available for sale is D175,460.
Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) | 2,530,000 |
|
Expenses |
346,900 |
| Drawings for 2020 | 72,500 |
| Additional capital for 2020 | 250,000 |
The net profit for 2020 is
Le 522,900
Le 417,900
Le 595,400
Le 72,000
Correct answer is B
No explanation has been provided for this answer.
Use the following information to answer the question
| Le | |
|
Capital (01/01/2020) |
1,934,600 |
| Capital (31/12/2020) |
2,530,000 |
| Expenses | 3 45,900 |
| Drawings for 2020 |
72,500 |
|
Additional capital for 2020 |
250,000 |
The gross profit for the year is
Le 763,800
Le 595,400
Le 417,900
Le 167,900
Correct answer is C
No explanation has been provided for this answer.