Neco Model Questions Vol1 2020 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
A trader's trial balance for the year ended 31 December shows the following debit items (in ₦):\nCash 12,000; Debtors 9,000; Opening stock 5,000; Purchases 40,000; Returns outwards 2,000; Carriage inwards 3,000; Salaries 8,000; Rent 4,000; Depreciation 5,000.\nCredit items (in ₦) are: Sales 70,000; Returns inwards 1,500; Creditors 6,000; Loan 15,000; Capital ?.\nAdditional information: Closing stock is 7,000 and the net profit for the year is 9,500. Determine the amount of Capital.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 23. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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