Waec Model Questions Vol1 2019 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
XYZ Ltd prepared a trial balance for the year ended 31 December 2019 as follows (all figures in ₦): - Sales: 1,200,000 - Opening Stock: 150,000 - Purchases: 720,000 - Closing Stock: 180,000 - Carriage Inwards: 30,000 - Salaries Expense: 200,000 - Rent Expense: 120,000 - Depreciation (Machinery) charged: 40,000 - Trade Receivables at year‑end: 100,000 (5% provision required) - Interest on loan: 15,000 - Tax rate: 30% on profit before tax. A provision for doubtful debts of ₦8,000 was already shown in the trial balance. Determine the profit after tax for the year.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 1. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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