Neco 2021 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2021 Neco Financial Accounting examination.
A company recorded the following items for the year ended 31 December: Net sales of N1,200,000, sales returns of N30,000, opening stock of N80,000, purchases of N500,000, purchase returns of N20,000, freight inwards of N10,000, closing stock of N100,000, salaries expense of N150,000, equipment cost of N300,000 with straight‑line depreciation at \(12\%\) per annum, and interest expense of N8,000. Tax is charged at \(25\%\) of profit before tax. Compute the profit after tax for the year.
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About This Question
This is Neco 2021 Financial Accounting Question 11. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
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