Neco Model Questions Vol1 2017 Financial Accounting Question 38

Company XYZ prepared the following trial‑balance figures for the year ended 31 December 2023 (all amounts in \(\text{₦}\)):\n\nSales \(\text{₦}5,200,000\)\nPurchases \(\text{₦}2,800,000\)\nOpening Stock \(\text{₦}500,000\)\nClosing Stock \(\text{₦}600,000\)\nSalaries Expense \(\text{₦}450,000\)\nRent Expense \(\text{₦}120,000\)\nDepreciation Expense \(\text{₦}80,000\) (already recorded)\nBad Debts Written‑off \(\text{₦}30,000\)\nInterest Expense \(\text{₦}20,000\)\nUtilities accrued (not yet recorded) \(\text{₦}25,000\)\nPrepaid Insurance (paid in cash for next year) \(\text{₦}15,000\)\n\nThe company also issued new share capital of \(\text{₦}1,000,000\) and repurchased its own shares for \(\text{₦}200,000\) during the year. Assuming a tax rate of 30% on profit before tax, compute the profit after tax for the year.