Maina Merchants Trading and Profit and Loss Account (Extract) ? ? ? Stock (1/1/2010) 80,000 Sales 300,000 Purchases 90,000 Less Cost of goods available for ...

Assessment: JAMB UTME - Principles of Accounts - 2007 Subject: Financial Accounting

Question 1 Report

Maina Merchants Trading and Profit and Loss Account (Extract)

	?		?	?
Stock (1/1/2010)	80,000	Sales	300,000
Purchases	90,000	Less
Cost of goods available for sale	170,000	Returns inwards	30,000
Stock (31/12/2010)	?			270,000
Cost of goods sold	?
Gross profit	150,000
	270,000			270,000

Determine the closing stock.

₦30,000

₦40,000

₦50,000

₦60,000

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