Neco 2025 Financial Accounting Question 41
Practice objective / multiple choice question 41 from the 2025 Neco Financial Accounting examination.
A company's trial balance shows the following balances (all amounts in naira): Sales (1{,}200{,}000); Opening Stock (150{,}000); Purchases (700{,}000); Closing Stock (180{,}000); Carriage Inwards (20{,}000); Salaries (120{,}000); Rent (80{,}000); Interest Received (15{,}000); Interest Paid (10{,}000); Machinery cost (500{,}000) with a straight‑line depreciation rate of 10% per annum. The trial balance records accumulated depreciation of (30{,}000). Compute the profit transferred to retained earnings after applying a corporate tax rate of 30%.
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About This Question
This is Neco 2025 Financial Accounting Question 41. It is one of the objective questions from the 2025 Neco Financial Accounting examination.
Difficulty level: Medium .
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