Use the information below to answer questions 13 and 14 # Sales 50,000.00 Debtors 10,000.00 Cash in hand 5,000.00 Opening stock 30,000.00 Creditors 8,000.00 Purchases 16,000.00 Overdraft 12,000.00 Closing stock 10,000.00

Use the information below to answer questions 13 and 14

	#
Sales	50,000.00
Debtors	10,000.00
Cash in hand	5,000.00
Opening stock	30,000.00
Creditors	8,000.00
Purchases	16,000.00
Overdraft	12,000.00
Closing stock	10,000.00

A #35,000.00
B #20,000.00
C #15,000.00
D #14,000.00

jamb 2022 commerce

The correct answer is D. #14,000.00

Gross profit = Sales - Cost of goods sold

Note that cost of goods sold = Opening stock + purchase - closing stock

= 30,000 + 16,000 - 10,000

= 36,000

GP = 50,000 - 36,000

= 14,000

Previous question Next question