Use the following information to answer the given question:

\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)

The purchases for the year is

Similar Questions

The accounting convention which stipulates that money or goods taken from the business by the owner ...

An income and expenditure account is a summary of ...

Goodwill may be brought into the books when ...

How much was paid for goodwill? ...

Why are adjustments in the profit and loss account necessary? ...

A company charges out goods to a branch at cost plus 25 percent. It invoiced N12,00 worth of goods ...

Use the following information to answer the given questions \(\begin{array}{c|c} & N \\ \hl...

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. Wh...

Given an incomplete record without sufficient information to determine profit, the necessary thing t...

What are the advantages of an imprest petty cash book? I cheques can be drawn easily II A cheque o...