Gce Model Questions Vol1 2024 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
A trading company recorded the following figures for the year: Sales \(250{,}000\); Opening stock \(30{,}000\); Purchases \(120{,}000\); Purchase returns \(5{,}000\); Carriage‑inwards \(2{,}000\); Closing stock \(35{,}000\). In addition, an electricity expense of \(3{,}000\) was accrued but not yet paid, prepaid insurance of \(1{,}200\) covering the next year was recorded, the total insurance expense for the year is \(4{,}800\), discount allowed \(2{,}500\) and discount received \(1{,}800\). Calculate the net profit for the year.
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About This Question
This is Gce Model Questions Vol1 2024 Financial Accounting Question 48. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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