Neco 2024 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2024 Neco Financial Accounting examination.
During the year, a sole trader's trading account shows the following information: opening stock ₦120,000; purchases before trade discount ₦600,000; trade discount of \(5\%\) on purchases; cash sales ₦400,000; credit sales ₦500,000; cash discount allowed of \(2\%\) on credit sales; cash receipts from customers ₦890,000; cash payments to suppliers ₦570,000; gross profit equals \(25\%\) of net sales. Determine the value of the closing stock.
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About This Question
This is Neco 2024 Financial Accounting Question 46. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Hard .
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