Waec Model Questions Vol1 2024 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of ABC Ltd shows that a purchase of inventory was recorded as ₦150,000 in the Purchases account, but the supplier's invoice was for ₦165,000. The ₦15,000 difference was posted to the Suspense Account. In addition, a sales return of ₦20,000 was mistakenly recorded in the Purchases account instead of the Sales Returns account. The profit shown in the income statement before any adjustments is ₦50,000. After correcting all the errors, what is the corrected profit for the period?
Answer Options
About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 6. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.