Waec Model Questions Vol1 2022 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
The following information relates to XYZ Trading for the year ended 31 March 2023. Opening stock: ₦120,000 Purchases: ₦560,000 Purchase returns: ₦20,000 Freight‑in: ₦15,000 Closing stock: ₦140,000 Sales: ₦800,000 Sales returns: ₦30,000 Discount allowed: ₦12,000 Salaries expense: ₦70,000 Rent expense: ₦30,000 Furniture cost: ₦100,000 (straight‑line depreciation, 10‑year life, no salvage) Motor vehicle cost: ₦300,000 (depreciated by the double‑declining‑balance method, useful life 5 years) Calculate the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2022 Financial Accounting Question 17. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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