Neco 2020 Financial Accounting Question 9
Practice objective / multiple choice question 9 from the 2020 Neco Financial Accounting examination.
For the year ended 31 December 2020, a sole trader's records show: opening stock \(120,000\) naira, purchases \(1,200,000\) naira, sales \(1,500,000\) naira, and a gross profit rate of 30 % of sales. Operating expenses (excluding depreciation) total \(180,000\) naira, depreciation expense is \(40,000\) naira, and net profit for the year is \(84,000\) naira. Using the gross‑profit method, determine the value of the closing stock.
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About This Question
This is Neco 2020 Financial Accounting Question 9. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Hard .
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