Accounts (Principles of Accounts)Final accounts of a sole traderJAMB
Use the following information from the books of Ifeoma Stores for the year ended 31 December to answer the question. Opening inventory ₦40,000 · Purchases ₦260,000 · Returns outwards ₦10,000 · Carriage inwards ₦6,000 · Closing inventory ₦56,000 · Sales ₦380,000 · Returns inwards ₦12,000
What is the gross profit for the year?
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Answer: B. ₦128,000
Net sales 380,000 − 12,000 = 368,000; gross profit = 368,000 − 240,000 = ₦128,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.