Gce Model Questions Vol1 2019 Financial Accounting Question 36
Practice objective / multiple choice question 36 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The following information is extracted from the trial balance of XYZ Ltd for the year ended 31 March 2020: - Sales: \(£500{,}000\) - Opening stock: \(£30{,}000\) - Purchases: \(£200{,}000\) - Closing stock: \(£40{,}000\) - Salaries paid: \(£20{,}000\) - Salaries outstanding at year‑end: \(£3{,}000\) - Administrative expenses: \(£15{,}000\) - Loan of \(£50{,}000\) bears interest at \(2\%\) per annum, interest not yet paid. - Equipment cost \(£80{,}000\) depreciated at \(5\%\) per annum. No 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 2019 Financial Accounting Question 36. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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