Use the following information to answer the given question: \(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st ...

Assessment: WAEC SSCE - Financial Accounting - 1990 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answer the given question:
\(\begin{array}{c|c} & N \\ \hline \text{Stock at 1st Jan. 1901} & 6,500 \\ \text{Stock at 31st Dec. 1901} & 5,500 \\ \text{Creditors at 1st Jan. 1901} & 4,000 \\ \text{Creditors at 31st December 1901} & 5,000 \\ \text{cash paid for goods during the year} & 20,000 \\ \text{Gross profit} & \text{25% on cost} \\ \text{Administrative and selling expenses} & 2,750
\end{array}\)
The purchases for the year is

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