Neco 2022 Financial Accounting Question 24
Practice objective / multiple choice question 24 from the 2022 Neco Financial Accounting examination.
A merchant keeps incomplete records. The following information is available for the year:\n\nOpening stock: \(40,000\)\nPurchases (recorded): \(180,000\)\nReturns outwards: \(5,000\)\nReturns inwards (sales returns): \(8,000\)\nSales (recorded): \(260,000\)\nCash receipts from customers: \(240,000\)\nCash payments to suppliers: \(150,000\)\nSalaries paid: \(30,000\)\nRent paid: \(20,000\)\nDepreciation on equipment (straight line): \(12,000\)\nClosing stock: \(45,000\)\n\nIt is later discovered that a cash sale of \(12,000\) and a cash purchase of \(8,000\) were omitted from the records. Determine the net profit for the year.
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About This Question
This is Neco 2022 Financial Accounting Question 24. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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