Neco Model Questions Vol1 2019 Financial Accounting Question 36

Practice objective / multiple choice question 36 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2019 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 36 NECO_MODEL_QUESTIONS_VOL1 • 2019 • FINANCIAL_ACCOUNTING • objective

An incomplete trial balance of a sole trader for the year ended 31 December is given below (amounts in Naira).\n\nDebit side: Purchases 210,000; Opening Stock 45,000; Carriage Inwards 12,000; Salaries 55,000; Rent 30,000; Interest on Loan 6,000; Drawings 20,000; Closing Stock \(\_\).\n\nCredit side: Sales 480,000; Loan 120,000; Capital 150,000; Profit and Loss Account \(\_\).\n\nThe total of each side of the trial balance is 800,000 Naira.\n\nDetermine the amount of Closing Stock and the profit for the year.

Answer Options

Correct Answer A. Closing Stock = 98,000 Naira; Profit = 220,000 Naira
B. Closing Stock = 90,000 Naira; Profit = 230,000 Naira
C. Closing Stock = 100,000 Naira; Profit = 215,000 Naira
D. Closing Stock = 95,000 Naira; Profit = 225,000 Naira
Correct Answer
A
Correct Option:
Closing Stock = 98,000 Naira; Profit = 220,000 Naira

About This Question

This is Neco Model Questions Vol1 2019 Financial Accounting Question 36. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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