Trading Account of Umeh Enterprises for the year ended 31...
Trading Account of Umeh Enterprises for the year ended 31st December 2019
GH⊄ | GH⊄ | ||
Opening stock | 10000 | Sales | 200000 |
Purchases | 120000 | Less: | (4000) |
130000 | 196000 | ||
Closing stock | (22800) | ||
Cost of goods sold | ----- | ||
Gross profit | ------ | ||
196000 | 196000 |
The cost of goods sold is
GH⊄ 152,800
GH⊄ 107,200
GH⊄ 43,200
GH⊄ 88,800
Correct answer is B
Cost of goods sold = Opening stock + Purchases - Closing stock
= 10,000 + 120,000 - 22,800
= 107,200
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respec...
Companies issue shares to the public in order to ...
Which of the following date lines is correct for a profit and loss account? ...
Prepayment is treated in the balance sheet of firm as a ...
Which of the following is true of trade discounts? ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
BALANCE SHEET AS AT 31st DECEMBER, 2010 \(\begin{array}{c|c} & ₦ & & ₦ \\ \hline \te...
In the operation of an imprest of petty cash, the ...
The effect of transaction when cash is paid into the bank is ...
Which of the following is the basis of accounting in public service? ...