A sole trader operates his business from a warehouse which has been damaged by fire which occurred at the end of financial year. After the fire the remaining inventory that is undamaged amounts to GHS 2000 (cost). the account established the following information; Inventoey at the beinning of the year was GHS16,000. purchases during the year were GHS115,000 sales during he year was GHS140000. the trader sells his good at a mark up of 25% of cost. How much was the gross profit?
A sole trader operates his business from a warehouse which has been damaged by fire which occurred at the end of financial year. After the fire the remaining inventory that is undamaged amounts to GHS 2000 (cost). the account established the following information; Inventoey at the beinning of the year was GHS16,000. purchases during the year were GHS115,000 sales during he year was GHS140000. the trader sells his good at a mark up of 25% of cost. How much was the gross profit?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A sole trader operates his business from a warehouse which has been damaged by fire which occurred at the end of financial year. After the fire the remaining inventory that is undamaged amounts to GHS 2000 (cost). the account established the following information;
Inventoey at the beinning of the year was GHS16,000. purchases during the year were GHS115,000
sales during he year was GHS140000. the trader sells his good at a mark up of 25% of cost. How much was the gross profit?
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