Neco Model Questions Vol1 2017 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd for the year ended shows the following figures (in Naira): Sales \(500,000\); Purchases \(300,000\); Opening Stock \(80,000\); Returns Inwards \(20,000\); Discount Received \(5,000\); Discount Allowed \(3,000\); Salaries \(50,000\); Rent \(30,000\). The closing stock figure is missing. Additional information: (i) The Purchases amount has been posted twice to the trial balance. (ii) Purchase returns of \(10,000\) were omitted. (iii) Closing stock is known to be \(20\%\) of the cost of goods sold. Determine the correct net profit for the year.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 1. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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