Accounts (Principles of Accounts)Final accounts of a sole traderJAMB
Gross profit was ₦250,000, expenses ₦140,000 and discount received ₦6,000. The net profit is
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Answer: A. ₦116,000
250,000 + 6,000 − 140,000 = ₦116,000; discount received is income.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.