The following transactions relate to Osei Enterprises for...
Use the following information to answer the question
The following transactions relate to Osei Enterprises for the year ended 31st December 2020.
| D | |
|
Purchases |
160,000 |
| Returns outwards | 880 |
| Carriage inwards | 740 |
| Returns inwards | 620 |
| Sales | 195,000 |
| Salaries | 27,600 |
| Closing stock | 14,100 |
The gross profit
D 39,360
D 38, 620
D 36,360
D 39,220
Correct answer is C
The given information states:
Sales: D195,000
Purchases: D160,000
Returns outwards: D880
Carriage inwards: D740
Returns inwards: D620
To calculate the cost of goods sold, we need to subtract the returns inwards and carriage inwards from the purchases:
Cost of Goods Sold = Purchases - Returns Inwards - Carriage Inwards
Cost of Goods Sold = D160,000 - D620 - D740
Cost of Goods Sold = D158,640
Gross Profit = Net Sales - Cost of Goods Sold
Gross Profit = D195,000 - D158,640
Gross Profit = D36,360
Given: N6 000 10% preference shares of N0.50 each N6 000 ordinary shares of N1 each Capital res...
Which of the following statements is not valid? ...
Doe and Sons Limited would enter the 3% discount in the ...
Using the following information, \(\begin{array}{c|c} & ₦ \\ \hline \text{club house} &am...
The process of detecting, tracing and eliminating errors in a computer program is ...
As evidence of payment to a government treasury, revenue collectors issue ...
i Operating machines ii Furniture iii Fixtures and fitting iv Loan from friends V Creditors W...
Adamu Stores bought accessories from Mu'azu Beverages for N400 on credit. A trade discount of 10...