Accounts (Principles of Accounts)Final accounts of a sole traderJAMB
Use the following information about Okafor Stores for the year ended 31 December 2025 to answer the question. Opening inventory ₦60,000 Purchases ₦400,000 Returns outwards ₦10,000 Carriage inwards ₦15,000 Closing inventory ₦75,000 Sales ₦620,000 Returns inwards ₦20,000
Find the gross profit of Okafor Stores.
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Answer: D. ₦210,000
Net sales 620,000 − 20,000 = 600,000; 600,000 − 390,000 = ₦210,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.