Post Utme Eksu 2018 Accounting Question 29

Practice objective / multiple choice question 29 from the 2018 Post Utme Eksu Accounting examination.

Post Utme Eksu 2018 Accounting Objective / Multiple Choice
Question 29 POST_UTME_EKSU • 2018 • ACCOUNTING • objective

A company's trading account for the year ended 31st December 2022 is as follows: Sales ₦ 100,000 Purchases ₦ 80,000 Cost of Goods Sold ₦ 60,000 Gross Profit ₦ 40,000 Prepare the profit and loss account for the year ended 31st December 2022.

Answer Options

Correct Answer A. Trading Profit ₦ 40,000, Net Profit ₦ 20,000
B. Trading Profit ₦ 20,000, Net Profit ₦ 40,000
C. Trading Profit ₦ 40,000, Net Profit ₦ 60,000
D. Trading Profit ₦ 20,000, Net Profit ₦ 60,000
Correct Answer
A
Correct Option:
Trading Profit ₦ 40,000, Net Profit ₦ 20,000

About This Question

This is Post Utme Eksu 2018 Accounting Question 29. It is one of the objective questions from the 2018 Post Utme Eksu Accounting examination.

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