Neco Model Questions Vol1 2021 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The following trial balance items are for the year ended 31 December: - Sales: ₦1,200,000 - Sales Returns: ₦30,000 - Opening Stock: ₦150,000 - Purchases: ₦600,000 - Purchase Returns: ₦20,000 - Closing Stock: ₦180,000 - Salaries: ₦80,000 - Rent: ₦40,000 - Equipment (cost): ₦200,000 - Accumulated Depreciation (b/f): ₦50,000 - Trade Receivables: ₦120,000 Depreciation is charged at 10 % per annum on the cost of equipment and bad debts are written off at 5 % of trade receivables. Using this information, calculate the net profit for the year.
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 6. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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