Gce Model Questions Vol1 2025 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of a sole trader for the year shows:\n- Sales: \(\text{₦}600,000\)\n- Opening inventory: \(\text{₦}80,000\)\n- Purchases: \(\text{₦}250,000\)\n- Closing inventory: \(\text{₦}70,000\)\n- Operating expenses (excluding depreciation): \(\text{₦}120,000\)\n- Plant cost: \(\text{₦}200,000\) (depreciated straight‑line at 10 % per annum, no residual value)\n- Interest expense: \(\text{₦}15,000\)\nDetermine the net profit for the year.
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This is Gce Model Questions Vol1 2025 Financial Accounting Question 14. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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