Gce Model Questions Vol1 2017 Financial Accounting Question 15

Practice objective / multiple choice question 15 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2017 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 15 GCE_MODEL_QUESTIONS_VOL1 • 2017 • FINANCIAL_ACCOUNTING • objective

The following partial trial balance of PQR Ltd for the year ended 31 March 2017 (figures in Naira) is given: Sales 200,000; Purchases 120,000; Opening stock 30,000; Salaries expense 25,000; Rent expense 10,000; Discount allowed 2,000; Discount received 1,500; Interest expense - unknown; Opening capital 50,000; Drawings 15,000; Cash at bank 8,000; Trade receivables 20,000; Trade payables - unknown; Loan 5,000. The profit for the year is known to be \(\text{₦}30,000\). Using this information, determine the closing stock, the interest expense and the amount of trade payables. Give your answers to the nearest Naira.

Answer Options

Correct Answer A. Closing stock 48,000; Interest expense 32,500; Trade payables 6,000
B. Closing stock 47,000; Interest expense 33,000; Trade payables 7,000
C. Closing stock 50,000; Interest expense 35,000; Trade payables 6,500
D. Closing stock 45,000; Interest expense 30,000; Trade payables 5,500
Correct Answer
A
Correct Option:
Closing stock 48,000; Interest expense 32,500; Trade payables 6,000

About This Question

This is Gce Model Questions Vol1 2017 Financial Accounting Question 15. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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