Waec Model Questions Vol1 2024 Financial Accounting Question 25
Practice objective / multiple choice question 25 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A sole trader prepared a trial balance with the following figures (all amounts in ₦):\n\nSales 15,000,000\nOpening stock 2,200,000\nPurchases 7,800,000\nPurchase returns 300,000\nCarriage inwards 150,000\nClosing stock 2,500,000\nSalaries expense 1,200,000\nRent expense 800,000\nDepreciation on machinery 250,000\nInterest on loan 120,000\nDrawings 500,000\nCapital introduced 5,000,000\n\nAdditional information: the trial balance omitted a prepaid rent of ₦60,000 (paid for the next year) and an accrued electricity expense of ₦40,000 (not yet paid). Compute the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 25. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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