Neco 2018 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2018 Neco Financial Accounting examination.
The trial balance of a sole trader includes the following items (all amounts in \(\text{₦}\)):\n\n- Sales: 420,000\n- Opening stock: 48,000\n- Purchases: 210,000\n- Closing stock: 54,000\n- Carriage outwards: 6,500\n- Salaries: 32,000\n- Rent of premises: 18,000\n- Depreciation - building: 9,600\n- Depreciation - machinery: 12,000\n- Interest on loan: 4,800\n- Bad debts written off: 2,400\n- Discount allowed: 1,200\n- Discount received: 800\n\nThe trader also realised a gain on the sale of equipment: selling price \(\text{₦}15,500\), original cost \(\text{₦}10,000\). No other incomes or expenses were recorded. Compute the net profit for the year.
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About This Question
This is Neco 2018 Financial Accounting Question 48. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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