Accounts - Principles of Accounts
WAEC 1991
Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Gross profit is
-
A.
N2,800
-
B.
N2,525
-
C.
N2,500
-
D.
N2000
-
E.
N1,750
Correct Answer: Option B
Explanation
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