Use this information below to answer this question 

                                                                 ₦
Capital: Opening balance                     307,000
Closing balance                                    342,000
Net profit for the period                         121,600
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
Opening stock                                         98,800

What is the gross profit for the period?

Which of the following errors will affect the trial balance total?

Danjuma Ltd. bought 10 bags of rice for N500 each. The company was given 5% and 12% trade and cash discounts respectively. What will be recorded as discount received in the company's book?

Given                                                 ₦     
Stock (1/4/94)                                  800
Purchases of flour                         2,450
Sales                                             4,745
Wages of bakery staff                      675
Carriage outwards                             50
Salary of administrative staff            225
Stock (31/3/95)                                 940
Capital                                           1,540

Calculate the cost of goods sold.

In a control account, provision for bad debts is found on the