Post Utme Delsu 2019 Accounting Question 33

A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000 Returns outwards: ₦50,000 Returns inwards: ₦20,000 Cost of goods sold: ₦900,000 Carriage inwards: ₦30,000 Carriage outwards: ₦20,000 Discounts allowed: ₦10,000 Discounts received: ₦5,000 Drawings: ₦20,000 Wages: ₦50,000 Rent: ₦30,000 Salaries: ₦40,000 Commission: ₦20,000 Depreciation: ₦10,000 Interest on capital: ₦5,000 Interest on drawings: ₦2,000 Profit before tax: ₦150,000 Tax: ₦30,000 Profit after tax: ₦120,000 Calculate the gross profit.