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  4. JAMB 2013
  5. Sales - #232,000 Op...

Sales - #232,000 Opening stock - # 28,000 Purchases - #128,000 Carriage inwards - #...

Accounts - Principles of Accounts
JAMB 2013

Sales - #232,000
Opening stock - # 28,000
Purchases - #128,000
Carriage inwards - # 4,000
Carriage outwards - # 6,000
Closing stock - # 10,000
Discount received - # 18,000
Expenses - # 20,000

Calculate the gross profit

  • A. #100,000
  • B. #86,000
  • C. #82,000
  • D. #76,000
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Correct Answer: Option A
Explanation

sales                                                             232,000  
Add: disc. received                                        18,000               
opening stock                           28,000
+ purchase                               128,000
cost of gds. avail. for sale        156,000
Less:closing stock                    10,000
Cost of gds sold                       146,000      
Add Carriage inwards                4000            150000   
Gross profit                                                    100,000      
 

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