Gce Model Questions Vol1 2020 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd for the year ended 31 December shows the following figures (all amounts in \(\text{₦}\)): Sales \(500{,}000\); Purchases \(300{,}000\); Opening stock \(50{,}000\); Purchases returns \(20{,}000\); Carriage inwards \(5{,}000\); Operating expenses \(60{,}000\); Administrative expenses \(30{,}000\); Closing stock (unknown). It is known that the net profit before tax for the year is \(80{,}000\). Determine the amount of the closing stock.
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 6. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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