Neco 2022 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2022 Neco Financial Accounting examination.
The trial balance of XYZ Ltd shows a sales figure of \(1,500,000\) naira and a reported gross profit of \(300,000\) naira. Opening stock is \(200,000\) naira and closing stock is \(180,000\) naira. Carriage inwards of \(12,000\) naira is recorded, but the purchase returns amount is missing from the trial balance. The purchase returns ledger, however, records a balance of \(8,000\) naira. A discount received of \(5,000\) naira was omitted from the trial balance. Determine the amount of purchases that should be recorded in the trial balance.
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About This Question
This is Neco 2022 Financial Accounting Question 2. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Hard .
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