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Maina Merchants Trading and Profit and Loss Account (Extract)Determine the closi...


Question

Maina Merchants Trading and Profit and Loss Account (Extract)

  
Stock (1/1/2010)  80,000Sales300,000
Purchases  90,000Less
Cost of goods available for sale170,000Returns inwards30,000
Stock (31/12/2010)           ?270,000
Cost of goods sold           ?
Gross profit150,000
270,000270,000

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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