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.
Options
A) ₦30,000
B) ₦40,000
C) ₦50,000 >>>>>>>>
D) ₦60,000
The correct answer is C.
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