Post Utme Oau 2017 Accounting Question 40

Practice objective / multiple choice question 40 from the 2017 Post Utme Oau Accounting examination.

Post Utme Oau 2017 Accounting Objective / Multiple Choice
Question 40 POST_UTME_OAU • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000; Sold goods for ₦120,000; Purchased goods for ₦80,000. Prepare the statement of profit or loss and other comprehensive income.

Answer Options

Correct Answer A. Statement of Profit or Loss and Other Comprehensive Income: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000
B. Statement of Profit or Loss and Other Comprehensive Income: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000, Dividend ₹ 20,000
C. Statement of Profit or Loss and Other Comprehensive Income: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000, Dividend ₹ 20,000, Tax ₹ 10,000
D. Statement of Profit or Loss and Other Comprehensive Income: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000, Dividend ₹ 20,000, Tax ₹ 10,000, Profit ₹ 30,000
Correct Answer
A
Correct Option:
Statement of Profit or Loss and Other Comprehensive Income: Sales ₹ 120,000, Cost of Goods Sold ₹ 180,000, Gross Profit ₹ 60,000, Net Profit ₹ 40,000

About This Question

This is Post Utme Oau 2017 Accounting Question 40. It is one of the objective questions from the 2017 Post Utme Oau Accounting examination.

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