Gce Model Questions Vol1 2022 Financial Accounting Question 29
Practice objective / multiple choice question 29 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The incomplete records of a sole trader for the year ended 31 December show the following figures (all amounts in £): - Sales: 48,000 - Purchases: 22,000 - Carriage outwards: 1,200 - Wages: 3,500 - Rent: 4,800 - Sundry expenses: 1,000 - Closing stock: 5,600 The trader withdrew cash of £2,400 and goods costing £1,800 for personal use. The net profit for the year is known to be £6,200. Determine the value of the opening stock.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 29. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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