Gce Model Questions Vol1 2022 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The following unadjusted trial balance (figures in £) excludes the closing stock and the profit‑and‑loss appropriation account:\n\nDebits: Opening Stock £5 000, Purchases £20 000, Salaries £6 000, Rent £2 000, Utilities £2 000, Cash £35 000. Total debits = £70 000.\nCredits: Sales £50 000, Capital £5 000, Accumulated Depreciation £0. Total credits = £55 000.\n\nClosing stock is known to be 20\% of sales. Using the profit‑and‑loss appropriation account to record the net profit, calculate the amount that should be entered as a credit in the profit‑and‑loss appropriation account.
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This is Gce Model Questions Vol1 2022 Financial Accounting Question 33. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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