Neco 2020 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2020 Neco Financial Accounting examination.
A trader's incomplete records for the year are as follows: Opening stock \( \text{₦}120,000\); Opening creditors \( \text{₦}30,000\); Purchases returns \( \text{₦}15,000\); Cash paid to creditors \( \text{₦}210,000\); Closing creditors \( \text{₦}25,000\); Sales \( \text{₦}500,000\); Gross profit is \(40\%\) of sales. Using this information, determine the value of the closing stock.
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About This Question
This is Neco 2020 Financial Accounting Question 46. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Hard .
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