Waec Model Questions Vol1 2019 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
A merchandising firm prepared a partial trial balance for the month ended 31 December as follows (all figures in naira): - Sales 250,000 - Sales Returns 12,000 - Opening Stock 45,000 - Closing Stock 38,000 - Purchase Returns 5,000 - Freight In 3,200 - Discount Received 1,800 - Purchases ? (missing) The firm states that its gross profit is 25 % of net sales. Determine the amount of purchases for the month. Express your answer in naira, rounded to the nearest naira.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 8. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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