<p>Gross profit = Sales - Cost of goods sold<br/><br/>Cost of goods sold = Opening + Purchases - Closing stock = 1000 + 7000 - 3000<br/><br/>⇒ 6000<br/><br/>Therefore, Gp = 8000 - 6000 = 3000</p>

<p>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.</p><table cellpadding="4" cellspacing="0"><tbody><tr><td> </td><td>₦</td><td> </td><td>₦</td></tr><tr><td>Opening stock<p>Purchase</p></td><td>1000<p>7000</p></td><td>Sales</td><td>8000</td></tr><tr><td>Closing Stock</td><td>3000</td></tr></tbody></table><p>Trading Expenses</p><table cellpadding="4" cellspacing="0"><tbody><tr><td><p>Electricity</p><p>Salaries</p><p>Rent</p><p>Depreciations</p></td><td>₦<p>135</p><p>875</p><p>180</p><p>210</p></td></tr></tbody></table><p>From the figures given, calculate</p><p>Gross profit</p>

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