Accounts - Principles of Accounts
JAMB 2008
Use this information below to answer this question.
Trading Account (Extract)
.................N.............................N......
Opening stock...19500........Sales............96 000..
Add purchases...68700.................................
................88200.................................
Less closing stock..?.................................
Cost of goods sold..?.................................
Gross profit C/D....?.................................
....................?..........................?......
The gross profit margin is 20%
Determine the closing stock
-
A.
N76 800
-
B.
N67 800
-
C.
N14 100
-
D.
N11 400
Correct Answer: Option C
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