Neco 2023 Financial Accounting Question 25
Practice objective / multiple choice question 25 from the 2023 Neco Financial Accounting examination.
A trading business has the following information for the year: Opening inventory: ₦800,000; Sales: ₦2,500,000; Gross profit ratio: 30 % of sales; Opening accounts payable: ₦150,000; Closing accounts payable: ₦200,000; Cash payments to suppliers: ₦1,400,000. No purchases ledger is kept. Using the gross‑profit method, determine the amount of purchases made during the year.
Answer Options
About This Question
This is Neco 2023 Financial Accounting Question 25. It is one of the objective questions from the 2023 Neco Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.