Gce Model Questions Vol1 2020 Financial Accounting Question 40
Practice objective / multiple choice question 40 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
A sole trader's trial balance includes the following items (all figures in £): Sales \(500,000\), Purchases \(300,000\), Opening stock \(40,000\), Closing stock \(55,000\), Salaries expense \(70,000\), Rent expense \(30,000\), Depreciation expense - building \(12,000\), Accrued electricity expense \(4,000\), Prepaid insurance \(3,000\) (the total insurance cost for the year is \(9,000\)). No other adjustments are required. Calculate the net profit for the year.
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 40. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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