Neco Model Questions Vol1 2020 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The incomplete records of a sole trader for the year ended 31 December 2020 show the following information:\n\n- Opening stock: \(\text{₦}80\,000\)\n- Closing stock: \(\text{₦}70\,000\)\n- Sales: \(\text{₦}500\,000\)\n- Gross profit is \(30\%\) of sales.\n- Operating expenses: Salaries \(\text{₦}70\,000\), Rent \(\text{₦}30\,000\), Depreciation (unknown).\n- Net profit: \(\text{₦}20\,000\)\n\nUsing the above data, determine (i) the amount of purchases made during the year and (ii) the depreciation expense.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 33. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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