Post Utme Coal City University 2017 Accounting Question 17

Practice objective / multiple choice question 17 from the 2017 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2017 Accounting Objective / Multiple Choice
Question 17 POST_UTME_COAL_CITY_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trading account for the year ended 31st December 2022 is as follows: Debit: Cost of goods sold: ₦1,500,000 Sales returns: ₦20,000 Credit: Sales: ₦2,000,000 Purchase returns: ₦30,000 What is the net profit for the year?

Answer Options

A. ₦500,000
Correct Answer B. ₦520,000
C. ₦540,000
D. ₦560,000
Correct Answer
B
Correct Option:
₦520,000

About This Question

This is Post Utme Coal City University 2017 Accounting Question 17. It is one of the objective questions from the 2017 Post Utme Coal City University Accounting examination.

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support