Post Utme Lasu 2017 Accounting Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Lasu Accounting examination.

Post Utme Lasu 2017 Accounting Objective / Multiple Choice
Question 36 POST_UTME_LASU • 2017 • ACCOUNTING • objective

A company's trading account for the year ended 31st December 2022 is as follows: Debit: Selling expenses: ₦120,000 Cost of goods sold: ₦1,500,000 Purchases: ₦2,000,000 Returns inwards: ₦50,000 Credit: Sales: ₦3,000,000 Opening inventory: ₦200,000 Closing inventory: ₦250,000 Determine the company's gross profit for the year.

Answer Options

Correct Answer A. ₦1,150,000
B. ₦1,200,000
C. ₦1,250,000
D. ₦1,300,000
Correct Answer
A
Correct Option:
₦1,150,000

About This Question

This is Post Utme Lasu 2017 Accounting Question 36. It is one of the objective questions from the 2017 Post Utme Lasu Accounting examination.

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