Neco 2025 Financial Accounting Question 19
Practice objective / multiple choice question 19 from the 2025 Neco Financial Accounting examination.
Below is the trial balance of XYZ Co. as at 31 December 2025 (all figures in naira). Debit balances are shown first; credit balances are shown after the dash.\n- Sales Revenue - 500,000 (Cr)\n- Purchases - 300,000 (Dr)\n- Opening Stock - 80,000 (Dr)\n- Closing Stock - 70,000 (Cr)\n- Salaries Expense - 90,000 (Dr)\n- Rent Expense - 30,000 (Dr)\n- Depreciation Expense - 15,000 (Dr)\n- Accrued Interest Payable - 5,000 (Cr)\n- Interest Expense (paid) - 4,000 (Dr)\n- Capital - 200,000 (Cr)\n- Drawings - 20,000 (Dr)\nAt year‑end an accrued utilities expense of \(₦6,000\) (Cr) was not recorded. Determine the net profit for the year.
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About This Question
This is Neco 2025 Financial Accounting Question 19. It is one of the objective questions from the 2025 Neco Financial Accounting examination.
Difficulty level: Medium .
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