Use the following information to answer the question below
Trading Account of Umeh Enterprises for the year ended 31st December 2019
| GH⊄ | GH⊄ | ||
| Opening stock | 10000 | Sales | 200000 |
| Purchases | 120000 | Less: | (4000) |
| 130000 | 196000 | ||
| Closing stock | (22800) | ||
| Cost of goods sold | —– | ||
| Gross profit | —— | ||
| 196000 | 196000 |
A. carriage outwards
B. carriage inwards
C. returns outwards
D. returns inwards
Correct Answer:
Option D = returns inwards
Explanation
The 4,000 represent returns inwards in the trading account. Return inwards is also known as sales returns.
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