Neco 2020 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2020 Neco Financial Accounting examination.
The trial balance of a sole trader shows the following figures (all amounts in ₦): Sales ₦1,200,000; Purchases ₦720,000; Opening Stock ₦150,000; Closing Stock ₦180,000; Salaries ₦200,000; Rent ₦80,000; Advertising ₦50,000; Discount allowed ₦30,000; Discount received ₦20,000; Interest received ₦10,000; Depreciation (building) ₦40,000. No other expenses or incomes are recorded. Compute the net profit for the year.
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About This Question
This is Neco 2020 Financial Accounting Question 45. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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