Post Utme Futa 2024 Accounting Question 33

Practice objective / multiple choice question 33 from the 2024 Post Utme Futa Accounting examination.

Post Utme Futa 2024 Accounting Objective / Multiple Choice
Question 33 POST_UTME_FUTA • 2024 • ACCOUNTING • objective

A company's profit and loss account for the year ended 31st December 2023 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the company's net profit for the year.

Answer Options

A. ₦250,000
Correct Answer B. ₦300,000
C. ₦350,000
D. ₦400,000
Correct Answer
B
Correct Option:
₦300,000

About This Question

This is Post Utme Futa 2024 Accounting Question 33. It is one of the objective questions from the 2024 Post Utme Futa 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