Waec Model Questions Vol1 2023 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of a sole trader shows a net profit of ₦80,000 before considering errors. The following errors are discovered: (i) A sales transaction of ₦120,000 was recorded as a debit to Sales and a credit to Cash (i.e., the entries were reversed). (ii) A cash purchase of inventory for ₦45,000 was recorded twice, each time as a debit to Purchases and a credit to Cash. What is the corrected net profit after adjusting for these errors?
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 23. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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