Neco 2019 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2019 Neco Financial Accounting examination.
Given the trial balance below, the debit side shows Cash \( \text{₦}120,000 \), Accounts Receivable \( \text{₦}45,000 \), Inventory \( \text{₦}80,000 \), Equipment \( \text{₦}150,000 \), Salaries Expense \( \text{₦}30,000 \), Rent Expense \( \text{₦}20,000 \) and Drawings (amount unknown). The credit side shows Accumulated Depreciation - Equipment \( \text{₦}30,000 \), Accounts Payable \( \text{₦}70,000 \), Revenue \( \text{₦}200,000 \) and Capital (opening) \( \text{₦}200,000 \). The net profit for the period is \( \text{₦}25,000 \) and will be added to Capital after closing. What is the amount of Drawings that will balance the trial balance?
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About This Question
This is Neco 2019 Financial Accounting Question 11. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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