Neco 2022 Financial Accounting Question 36
Practice objective / multiple choice question 36 from the 2022 Neco Financial Accounting examination.
During the year the following information was recorded (all figures in £): Sales \(500,000\); Opening Stock \(80,000\); Purchases \(300,000\); Purchase Returns \(20,000\); Carriage Inwards \(5,000\); Closing Stock \(70,000\); Salaries \(45,000\); Rent \(30,000\); Interest on Loan \(12,000\) (which is 10% of the loan); Depreciation expense \(16,000\) (which is 8% of the cost of machinery). Determine the net profit for the year.
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About This Question
This is Neco 2022 Financial Accounting Question 36. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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