Gce Model Questions Vol1 2024 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
The following information is extracted from an incomplete set of records for the year ended 31 December: \n- Sales: \(\text{₦}500,000\)\n- Opening Stock: \(\text{₦}70,000\)\n- Closing Stock: \(\text{₦}80,000\)\n- Rent expense: \(\text{₦}30,000\)\n- Salaries expense: \(\text{₦}50,000\)\n- Equipment cost: \(\text{₦}120,000\) (depreciated at 10% per annum, not yet recorded)\n- Interest expense: \(\text{₦}5,000\)\n\nIt is known that the gross‑profit ratio is 30 % of sales. Determine the net profit for the year.
Answer Options
About This Question
This is Gce Model Questions Vol1 2024 Financial Accounting Question 18. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.