Waec Model Questions Vol1 2021 Financial Accounting Question 19
Practice objective / multiple choice question 19 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
A trading business reported sales of ₦250,000 for the year. The gross profit ratio is 25% of sales. Opening stock was ₦45,000 and closing stock ₦55,000. Operating expenses (salaries and rent) total ₦42,000. Purchases were recorded net of a 2% trade discount and after purchase returns of ₦4,500. Determine the gross (pre‑discount) amount of purchases for the year.
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 19. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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