Gce Model Questions Vol1 2017 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd for the year ended 31 March 2017 shows the following items (all figures in Naira): Sales 500,000; Cost of goods sold 300,000; Salaries expense 80,000; Rent expense 20,000; Interest expense 10,000; Tax expense 15,000; Opening retained earnings 30,000; Plant and equipment (gross cost) 200,000. Depreciation is charged at 5% of the gross cost of plant and equipment. No other adjustments are required. Calculate the closing retained earnings at the end of the year.
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About This Question
This is Gce Model Questions Vol1 2017 Financial Accounting Question 11. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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