Question on: JAMB Commerce - 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
Gross profit
A
300
B
3000
C
6000
D
11000
Ask EduPadi AI for a detailed answer
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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