Waec Model Questions Vol1 2019 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The unadjusted trial balance of XYZ Ltd as at 31 December is as follows (all figures in ₦): Sales - Cr 1,200,000; Purchases - Dr 720,000; Opening Stock - Dr 180,000; Closing Stock - Cr 210,000; Salaries expense - Dr 150,000; Rent expense - Dr 90,000; Depreciation expense - Buildings - Dr 45,000; Accumulated Depreciation - Buildings - Cr 300,000; Interest expense - Dr 30,000; Capital - Cr 500,000; Drawings - Dr 80,000. The following adjusting entries are required: (i) Bad debts written off ₦12,000; (ii) Accrued salaries ₦8,000; (iii) Depreciation on equipment (cost ₦200,000) at 10% per annum; (iv) Accrued interest on loan ₦15,000. After posting these adjustments, calculate the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 13. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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