Accounts - Principles of Accounts
JAMB 1999
Use information below to answer this question.
Capital: opening balance 307,000
closing balance 342,000
Net profit for the period 121,600
Opening stock 98,800
Purchases 706,000
Carriage inwards 17,500
Cost of goods sold 740,700
Total selling , general and
administration expenses 526,000
Discount received 9, 650
Calculate the gross profit for the period?
-
A.
N 535,650
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B.
N628,300
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C.
N637,950
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D.
N647,600
Correct Answer: Option D
Explanation
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