Gce Model Questions Vol1 2018 Financial Accounting Question 44
Practice objective / multiple choice question 44 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
The following information is available for a sole trader for the year ended 31 December:\n\n- Opening stock: \( \text{₦}30,000 \)\n- Credit sales: \( \text{₦}150,000 \)\n- Credit purchases: \( \text{₦}70,000 \)\n- Wages paid (cash): \( \text{₦}25,000 \)\n- Rent paid (cash): \( \text{₦}15,000 \)\n- Other expenses are 5 % of credit sales.\n- Capital at the start of the year: \( \text{₦}40,000 \)\n- Capital at the end of the year: \( \text{₦}55,000 \)\n- No drawings were made.\n\nAssuming all sales and purchases were on credit, determine the value of the closing stock.
Answer Options
About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 44. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.