Gce Model Questions Vol1 2020 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
During the year, a sole trader's incomplete records show the following information: - Sales: \(£180,000\) - Gross profit margin: \(28\%\) of sales - Opening stock of raw materials: \(£25,000\) - Opening creditors: \(£10,000\) - Closing creditors: \(£15,000\) - Cash payments to suppliers during the year: \(£120,000\) - Net profit after all expenses: \(£14,000\) - Depreciation charged: \(£4,000\) Using this information, determine the value of the closing stock of raw materials at year‑end.
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 11. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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