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Net profit

Commerce
JAMB 2019

Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.

  ₦   ₦
Opening stock
Purchase		 1000
7000		 Sales 8000
Closing Stock 3000


Trading Expenses


Electricity
Salaries
Rent
Depreciations		 ₦
135
875
180
210


From the figures given, calculate

Net profit

  • A. 1400
  • B. 5000
  • C. 1600
  • D. 6400
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Correct Answer: Option C
Explanation

Net profit = Gross profit - Expenses
3000 - 1400 = 1600

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