Gce Model Questions Vol1 2020 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
A retailer's incomplete records for the year show the following information: - Sales: \(\pounds120{,}000\) - Opening stock: \(\pounds20{,}000\) - Closing stock: \(\pounds25{,}000\) - Gross profit rate: 30% of sales - Recorded expenses: Salaries \(\pounds15{,}000\), Rent \(\pounds5{,}000\), Utilities \(\pounds3{,}000\), and an unknown expense \(X\) - Net profit reported: \(\pounds10{,}000\) Using the gross‑profit method, determine the amount of the unknown expense \(X\).
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 20. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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