Use this information to answer this question Be... - JAMB Commerce 2019 Question
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
Gross profit
A
300
B
3000
C
6000
D
11000
correct option: b
Gross profit = Sales - Cost of goods sold,
Where:
Cost of goods sold = Opening + Purchases - Closing stock
= 1000 + 7000 - 3000
= 6000
Therefore,
Gp = 8000 - 6000 = 3000
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