Gce Model Questions Vol1 2017 Financial Accounting Question 44
Practice objective / multiple choice question 44 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
The following figures are extracted from the trial balance of XYZ Ltd for the year ended 31 March 2022:\n- Sales: ₦500,000\n- Opening Stock: ₦80,000\n- Purchases: ₦260,000\n- Closing Stock: ₦70,000\n- Salaries expense: ₦45,000\n- Rent expense: ₦30,000\n- Depreciation expense (machinery): ₦20,000\n- Interest received: ₦5,000\n- Interest paid: ₦3,000\nNo other incomes or expenses are recorded. Calculate the net profit for the year.
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About This Question
This is Gce Model Questions Vol1 2017 Financial Accounting Question 44. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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