Waec Model Questions Vol1 2022 Financial Accounting Question 9
Practice objective / multiple choice question 9 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of a sole trader as at 31 December 2025 includes (₦): Sales Revenue 500,000; Opening Stock 80,000; Purchases 260,000; Closing Stock 70,000; Carriage Inwards 12,000; Salaries Expense 45,000; Rent Expense 30,000; Advertising Expense 20,000; Depreciation Expense - Machinery 18,000; Machinery (cost) 120,000; Accumulated Depreciation - Machinery (opening) 40,000; Interest Payable 5,000; Interest Received 2,000. No other adjustments have been made. An electricity expense of ₦8,000 for December was not recorded. Prepare the profit or loss for the year, giving (i) gross profit, (ii) net profit before tax, and (iii) net profit after tax, assuming a tax rate of 30 % on net profit before tax.
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This is Waec Model Questions Vol1 2022 Financial Accounting Question 9. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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