The following financial balances were extracted from the ledger of Zainab Bookshop for the… — JAMB UTME

The following financial balances were extracted from the ledger of Zainab Bookshop for the year ended 31 December 2025:

- Sales: $\text{₦}310,000$
- Returns Inwards: $\text{₦}10,000$
- Opening Inventory: $\text{₦}45,000$
- Purchases: $\text{₦}180,000$
- Returns Outwards: $\text{₦}15,000$
- Carriage Inwards: $\text{₦}12,000$
- Carriage Outwards: $\text{₦}8,000$
- Closing Inventory: $\text{₦}52,000$

What is the Gross Profit of Zainab Bookshop for the year ended 31 December 2025?

Cevap: 130000 ₦

Cevap

The Gross Profit of Zainab Bookshop for the year ended 31 December 2025 is

\text{��}130,000

Net Sales is calculated by deducting Returns Inwards from Sales (

\text{₦}310,000 - \text{₦}10,000 = \text{₦}300,000

). Cost of Goods Sold is calculated by adding Opening Inventory, Net Purchases, and Carriage Inwards, then subtracting Closing Inventory (

\text{₦}45,000 + \text{₦}165,000 + \text{₦}12,000 - \text{₦}52,000 = \text{₦}170,000

). Deducting Cost of Goods Sold from Net Sales yields a Gross Profit of

\text{₦}130,000

. Carriage Outwards is an operating expense and must be excluded from the Trading Account.

Adım Adım Çözüm

Calculate Net Sales

Net Sales = ₦300,000

Returns Inwards must be subtracted from Gross Sales to arrive at Net Sales.

Calculate Net Purchases

Net Purchases = ₦165,000

Returns Outwards must be deducted from Gross Purchases.

Determine Cost of Goods Sold (COGS)

Cost of Goods Sold = ₦170,000

Carriage Inwards is a direct expense added to cost of purchases, while Carriage Outwards is excluded as an operating expense.

Compute Gross Profit

Gross Profit = ₦130,000

Gross profit is calculated as Net Sales minus Cost of Goods Sold.

Anahtar Kavram

Trading Account and Gross Profit Calculation

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