Gce Model Questions Vol1 2025 Financial Accounting Question 5
Practice objective / multiple choice question 5 from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
The records of a sole trader are incomplete. The following information is available for the year ended 31 December 2025:\n\n- Opening stock: \(\text{₦}150{,}000\)\n- Purchases (recorded): \(\text{₦}500{,}000\)\n- Sales: \(\text{₦}1{,}200{,}000\)\n- Closing stock: \(\text{₦}180{,}000\)\n- Carriage outwards: \(\text{₦}30{,}000\)\n- Administrative expenses: \(\text{₦}120{,}000\)\n- Furniture cost: \(\text{₦}80{,}000\) (depreciated straight‑line over 8 years)\n- Cash withdrawn for personal use: \(\text{₦}50{,}000\)\n- A discount of 5% was received on purchases exceeding \(\text{₦}400{,}000\) but was not recorded.\n\nUsing the above data, determine the net profit for the year.
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This is Gce Model Questions Vol1 2025 Financial Accounting Question 5. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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