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  #  Stock Jan 1 2600 Purchases 4000 Carriage inwards 500 Sales 9000 Carriage outwards 500...

Accounts - Principles of Accounts
JAMB 2023
  #

 Stock Jan 1

 2600
Purchases 4000
Carriage inwards 500
Sales 9000
Carriage outwards 500

 

Determine the net profit

  • A. #4,000
  • B. #4,500
  • C. #5,000
  • D. #1,400
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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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Correct Answer: Option D
Explanation

Cost of goods sold = 2600 + 4000 + 500
= 7100

Gross profit = 9000 - 7100
= 1900

Therefore, Net profit = Gross profit - Expenses
= 1900 - 500
= ₦1400

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995