Neco Model Questions Vol1 2020 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The following trial‑balance items (all figures in Naira) relate to a partnership for the year ended 31 December 2021:\n\n- Sales: \(1,200,000\)\n- Purchases: \(720,000\)\n- Opening stock: \(150,000\)\n- Closing stock: \(180,000\)\n- Salaries: \(200,000\)\n- Rent: \(80,000\)\n- Depreciation - building (cost \(1,000,000\) Naira, rate \(5\%\))\n- Depreciation - machinery (cost \(300,000\) Naira, rate \(10\%\))\n- Interest on loan: not yet recorded\n- Bad debt expense of \(15,000\) Naira was omitted\n\nAssuming the loan interest for the year is \(30,000\) Naira, compute the net profit for the year.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 50. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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