Waec Model Questions Vol1 2021 Financial Accounting Question 4
Practice objective / multiple choice question 4 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
The following information relates to ABC Traders for the year ended 31 December. - Opening inventory: ₦30,000 - Purchases: ₦120,000 - Purchase returns: ₦5,000 - Freight‑in: ₦3,000 - Closing inventory: ₦28,000 - Sales: ₦200,000 - Sales returns: ₦12,000 - Trade discount on sales: 5 % (calculated on the gross sales amount) Using the above data, compute the gross profit for the year.
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 4. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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