Neco 2019 Commerce Question 47
Practice objective / multiple choice question 47 from the 2019 Neco Commerce examination.
From the following trial‑balance items (amounts in ₦): Sales 2,500,000; Opening Stock 300,000; Purchases 1,200,000; Carriage Inwards 50,000; Closing Stock 350,000; Trade Receivables 400,000; Bad Debts written off 20,000; Equipment cost 800,000; Accumulated Depreciation (beginning) 120,000; Equipment is depreciated straight‑line over 8 years with a salvage value of 80,000; Interest expense 30,000; Operating Expenses 250,000; Rent 100,000; Interest Income 10,000. Prepare the income statement for the year and state the amount of dividend payable if 40 % of the net profit is to be distributed.
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About This Question
This is Neco 2019 Commerce Question 47. It is one of the objective questions from the 2019 Neco Commerce examination.
Difficulty level: Hard .
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