Neco 2023 Financial Accounting Question 12

Given the trial balance (amounts in \u20a5) for the year ended 31 December 2023:\n\nCash 120,000\nAccounts receivable 80,000\nInventory 150,000\nEquipment cost 200,000\nAccumulated depreciation - Equipment 50,000\nAccounts payable 70,000\nBank loan 100,000\nRevenue 500,000\nCost of goods sold 260,000\nSalaries expense 90,000\nRent expense 30,000\nInterest expense 10,000\nOther expense 5,000\n\nAdditional information:\n1. Equipment is depreciated on a straight‑line basis over 5 years with no residual value.\n2. Prepaid rent of \u20a512,000 was on hand at 1 January 2023; \u20a54,800 of it has been used by year end.\n3. Salaries of \u20a56,000 are accrued at year end but not yet recorded.\n4. Income tax is charged at \(30\%\) of taxable profit.\n\nCalculate the net profit after tax for the year.