Use the following information to answer the given question:
(begin{array}{c|c} & N \ hline text{Stock at 1st Jan. 1901} & 6,500 \ text{Stock at 31st Dec. 1901} & 5,500 \ text{Creditors at 1st Jan. 1901} & 4,000 \ text{Creditors at 31st December 1901} & 5,000 \ text{cash paid for goods during the year} & 20,000 \ text{Gross profit} & text{25% on cost} \ text{Administrative and selling expenses} & 2,750
end{array})
The purchases for the year is
(begin{array}{c|c} & N \ hline text{Stock at 1st Jan. 1901} & 6,500 \ text{Stock at 31st Dec. 1901} & 5,500 \ text{Creditors at 1st Jan. 1901} & 4,000 \ text{Creditors at 31st December 1901} & 5,000 \ text{cash paid for goods during the year} & 20,000 \ text{Gross profit} & text{25% on cost} \ text{Administrative and selling expenses} & 2,750
end{array})
The purchases for the year is
-
A.
N20,000 -
B.
N21,000 -
C.
N22,000 -
D.
N24,000 -
E.
N25,000