Gce Model Questions Vol1 2019 Financial Accounting Question 39
Practice objective / multiple choice question 39 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The following information is available for ABC Ltd for the year ended 31 December 2020. - Opening stock: \(£25{,}000\) - Purchases: \(£120{,}000\) (cash purchases were \(£30{,}000\)) - Sales: \(£200{,}000\) (cash sales were \(£80{,}000\)) - Salaries expense: \(£20{,}000\) of which \(£5{,}000\) is still unpaid at year‑end - Rent expense paid in cash: \(£12{,}000\) - Interest on a loan of \(£50{,}000\) at \(2\%\) per annum, accrued but not yet paid - The profit and loss appropriation account shows a credit balance of \(£25{,}000\) (i.e., profit transferred to reserves) No other incomes or expenses are recorded. Determine the value of the closing stock.
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 39. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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