What was the amount of sales for the year?

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. N8,500 B. N6,625 C. N6,500 D. N6,000 Correct...
Assuming a gross profit of N3,000. What was the net profit?

Carriage outwards is charged to?

A. credited to the trading account B. debited to the profit and loss account C. credited to the profit and loss account D. credited to the appropriation account Correct Answer: Option A – credited to the trading account
Assuming a gross profit of N3,000. What was the net profit?

Discount received is?

A. credited to the trading account B. debited to the Profit and Loss Account C. credited to the Profit and Loss Account D. credited to the Appropriation Account Correct Answer: Option C – credited to the Profit and Loss...

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