Gce Model Questions Vol1 2025 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
The following information relates to XYZ Ltd for the year ended 31 March 2025:\n\n- Opening stock: \(\text{₦}200{,}000\)\n- Purchases: \(\text{₦}800{,}000\)\n- Carriage inwards: \(\text{₦}50{,}000\)\n- Closing stock: \(\text{₦}250{,}000\)\n- Trading profit before adjustments (gross profit): \(\text{₦}500{,}000\)\n- Administrative expenses: \(\text{₦}150{,}000\)\n- Selling expenses: \(\text{₦}100{,}000\)\n- Plant cost: \(\text{₦}400{,}000\) depreciated at 10% p.a.\n- Revaluation surplus on land recognised: \(\text{₦}30{,}000\)\n\nCalculate the profit for the year that will be transferred to retained earnings.
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This is Gce Model Questions Vol1 2025 Financial Accounting Question 2. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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