Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 3...

Assessment: WAEC SSCE - Financial Accounting - 1995 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)
The cost of goods sold is
Answer Details
The cost of goods sold can be calculated using the formula: Cost of goods sold = Opening stock + Purchases - Closing stock. Substituting the given values, we get: Cost of goods sold = 20,000 + 25,000 - 30,000 = 15,000 Therefore, the cost of goods sold is N15,000. Option (E) is the correct answer.
Read lesson note on Nature And Significance Of Accounting (JAMB)
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