Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} &...

Assessment: WAEC SSCE - Financial Accounting - 1999 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Debtors (1/1/98)} & 2,000 \\ \text{Debtors (31/12/98)} & 1,250 \\ \text{Cash received from debtors} & 6,000 \\ \text{Bad debt written off} & 750 \\ \text{Discount allowed} & 500 \\ \text{Discount received} & 125\end{array}\)
Assuming a gross profit of N3,000, what was the net profit?

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