Use this information to answer this question. Below is the trading, profit and loss Account particulars of Amadi peterside and Brothers for the year ended 31st December 1986.
| ₦ | ₦ | ||
| Opening stock Purchase |
1000 7000 |
Sales | 8000 |
| Closing Stock | 3000 |
Trading Expenses
|
Electricity Salaries Rent Depreciations |
₦ 135 875 180 210 |
From the figures given, calculate
Net profit
- 1400
- 5000
-
1600
- 6400
The correct answer is: C
Explanation
Net profit = Gross profit - Expenses
3000 - 1400 = 1600