Waec Model Questions Vol1 2023 Financial Accounting Question 36

The following incomplete trial balance of a merchandising firm is given (amounts in Naira). All figures are correct except that three amounts are missing. The trial balance balances (total debits = total credits).\n\n**Debits**\n- Purchases ........................................ 1,200,000\n- Purchase Returns .............................. ________\n- Carriage Inwards .............................. 45,000\n- Opening Stock .................................. 300,000\n- Closing Stock .................................. ________\n- Salaries ........................................ 180,000\n- Rent ............................................ 120,000\n- Discount Allowed .............................. 20,000\n- Gross Profit .................................... ________\n\n**Credits**\n- Sales ........................................... 2,100,000\n- Sales Returns ................................... 30,000\n- Discount Received .............................. 15,000\n- Capital ......................................... 150,000\n\nAdditional information:\n1. Gross profit is 15 % of net sales (Sales - Sales Returns).\n2. Closing stock is 20 % of opening stock.\n\nDetermine the missing amounts: Purchase Returns, Closing Stock and Gross Profit.