Neco 2025 Financial Accounting Question 3

The following transactions were recorded for XYZ Trading Ltd. during the month of March. 1. 1 March – Purchased goods on credit from ABC Suppliers for ₦150,000. 2. 3 March – Sold goods on credit to DEF Retailers for ₦200,000. 3. 5 March – Paid cash ₦50,000 to ABC Suppliers for part of the March purchase. 4. 7 March – Received cash ₦120,000 from DEF Retailers for goods sold. 5. 10 March – Returned defective goods worth ₦20,000 to ABC Suppliers. 6. 12 March – Received goods worth ₦15,000 as returns from a customer (goods previously sold on credit). 7. 15 March – Purchased office supplies for ₦5,000 cash. 8. 20 March – Sold goods for cash amounting to ₦30,000. 9. 22 March – Paid cash ₦10,000 for electricity expenses. 10. 28 March – Received a cash discount of ₦2,000 from ABC Suppliers for early payment.