Determine the total expenses to be charged to profit and loss account?

Use the information below to answer question

……………………….31/12/07…….31/12/08
Stocks……………………N4 200………N3 900
Rates in advance…………..N1 000………N1 500
Accrued wages……………..N1 150………N1 350

Cost of goods sold was valued at N6 000.
Cash paid for rates and wages during the year was N1 300 and N2 200 respectively.

A. N2 350
B. N1 600
C. N800
D. N3 150
E. No option

Correct Answer:

Option E – No option