Assuming a gross profit of N3,000. What was the net profit?

By: |Published on: Aug 14|Categories: Accounting WAEC| 0 comments

Use the following information to answer the given question

# 
Debtors (1/1/98) 2,000
 Debtors (31/12/98) 1,250
Cash received from debtors 6,000
 Bad debt written off 750
Discount allowed 500
 Discount received 125

 

A. N3,375
B. N2,625
C. N2,000
D. N1,875

Correct Answer:

Option D – N1,875

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