Accounts - Principles of Accounts
JAMB 2002
Given:
Sales ............................N195,200
Stock 1st January.................N34,000
Purchases ........................N126,000
Sales returns ....................N1,200
Purchases returns ................N2,000
If the gross profit is N66,000, what is the value of stock at 31st December?
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A.
N30,000
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B.
N40,000
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C.
50,000
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D.
N20,000
Correct Answer: Option A
Explanation
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