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Zorluk: KolayTrading Account and Gross Profit Calculation

A sole trader extracted the following balances from their accounting records at the end of the financial year:

- Sales: ₦90,000\text{₦}90,000
- Opening Inventory: ₦15,000\text{₦}15,000
- Purchases: ₦50,000\text{₦}50,000
- Carriage Inwards: ₦4,000\text{₦}4,000
- Carriage Outwards: ₦6,000\text{₦}6,000
- Closing Inventory: ₦19,000\text{₦}19,000

What is the gross profit for the period?

  1. ₦40,000\text{₦}40,000Cevap
  2. B
    ₦34,000\text{₦}34,000
  3. C
    ₦48,000\text{₦}48,000
  4. D
    ₦21,000\text{₦}21,000

Cevap

The gross profit for the period is ₦40,000\text{₦}40,000.
The gross profit of ₦40,000\text{₦}40,000 is obtained by deducting the cost of goods sold (₦50,000\text{₦}50,000) from sales revenue (₦90,000\text{₦}90,000). Cost of goods sold includes opening inventory (₦15,000\text{₦}15,000), purchases (₦50,000\text{₦}50,000), and carriage inwards (₦4,000\text{₦}4,000), less closing inventory (₦19,000\text{₦}19,000).

Adım Adım Çözüm

1
Calculate Cost of Goods Sold (COGS)
COGS=Opening Inventory+Purchases+Carriage Inwards−Closing Inventory=₦15,000+₦50,000+₦4,000−₦19,000=₦50,000\text{COGS} = \text{Opening Inventory} + \text{Purchases} + \text{Carriage Inwards} - \text{Closing Inventory} = \text{₦}15,000 + \text{₦}50,000 + \text{₦}4,000 - \text{₦}19,000 = \text{₦}50,000
Carriage inwards is a direct expense added to purchases, while closing inventory is deducted to determine the cost of inventory sold during the period.
2
Calculate Gross Profit
Gross Profit=Sales−COGS=₦90,000−₦50,000=₦40,000\text{Gross Profit} = \text{Sales} - \text{COGS} = \text{₦}90,000 - \text{₦}50,000 = \text{₦}40,000
Gross profit is the difference between total sales revenue and the cost of goods sold.

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Trading Account and Gross Profit Determination
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