Neco 2022 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2022 Neco Financial Accounting examination.
The unadjusted trial balance of a sole trader is as follows (all figures in ₦):\n\nCash \(Dr\) 100,000\nPurchases \(Dr\) 600,000\nSalaries Expense \(Dr\) 150,000\nBuilding \(Dr\) 800,000\nCapital \(Cr\) 400,000\nSales \(Cr\) 1,200,000\nRent Received \(Cr\) 50,000\n\nAdditional information:\n- The building is depreciated at 5% per annum.\n- At year‑end, salaries of ₦20,000 have been accrued but not yet recorded.\nPrepare the adjusting entries, update the trial balance, and state the net profit for the year.
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About This Question
This is Neco 2022 Financial Accounting Question 45. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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