Neco 2024 Commerce Question 21
Practice objective / multiple choice question 21 from the 2024 Neco Commerce examination.
A trader purchases shares of Company X on two occasions. On Day 1 she buys 150 shares at \(\text{₦}2,350\) each and pays a brokerage commission of 0.5 % of the transaction value. On Day 2 she buys 200 shares at \(\text{₦}2,480\) each with the same commission rate. Later she sells 250 shares at \(\text{₦}2,600\) each, again paying a 0.5 % commission on the sale. A capital gains tax of 15 % is charged on the profit (profit before tax = sale proceeds after sale commission minus the cost of the shares sold). Assuming the FIFO method for allocating the cost of the sold shares, calculate the net profit after tax in Naira, rounded to two decimal places.
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About This Question
This is Neco 2024 Commerce Question 21. It is one of the objective questions from the 2024 Neco Commerce examination.
Difficulty level: Hard .
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