Use the information below to answer questions Adex Ltd. issues stock to its retail branches...
FINANCIAL
JAMB 2002
Use the information below to answer questions
Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch.
Stock at branch 1st January at cost............N400
Goods sent to branch at cost...................N8000
Returns to head ...............................N340
Cash sales ....................................N9160
Stock at branch 31st December at cost..........N720
What is the gross profit carried to the profit and loss account?
- A. N1820
- B. N1640
- C. N1530
- D. N1870
Correct Answer: A. N1820
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