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Accounts (Principles of Accounts) · Final accounts of a sole trader

Accounts (Principles of Accounts)Final accounts of a sole traderWAEC

Sales are ₦500,000 and cost of sales is ₦320,000. Find the gross profit.

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Answer: B. ₦180,000

Gross profit = 500,000 − 320,000 = ₦180,000.

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