Gce Model Questions Vol1 2025 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd shows the following items (all figures in £): Sales 250,000; Purchases 150,000; Opening stock 30,000; Salaries expense 20,000; Rent expense 12,000; Equipment cost 80,000 (residual value 8,000, useful life 8 years). At year‑end a prepaid rent of £3,000 is recorded and interest of £2,000 is accrued but not yet paid. The tax expense for the year is £5,000 and profit after tax is £30,000. Assuming straight‑line depreciation for the equipment, determine the value of the closing stock.
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This is Gce Model Questions Vol1 2025 Financial Accounting Question 17. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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