Waec Model Questions Vol1 2024 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A retailer's incomplete records for the year show: Sales = 500,000; Opening stock of goods = 60,000; Closing stock of goods = 55,000; Carriage‑inwards = 8,000; Salaries expense = 45,000; Rent expense = 12,000; Advertising expense = 5,000; Net profit = 70,000. The value of purchases is missing, but it is known that goods returned to suppliers amount to 4 % of the purchases. Determine the amount of purchases.
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This is Waec Model Questions Vol1 2024 Financial Accounting Question 20. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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