Accounts (Principles of Accounts)Final accounts of a sole traderJAMB
Sales were ₦900,000, returns inwards ₦20,000 and cost of goods sold ₦560,000. The gross profit is
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Answer: D. ₦320,000
Net sales 900,000 − 20,000 = 880,000; 880,000 − 560,000 = ₦320,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.