Neco Model Questions Vol1 2022 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
For the year ended 31 December 2022, a sole trader's incomplete records give the following information: - Sales = \(\,\text{₦}500,000\) - Purchases = \(\,\text{₦}300,000\) - Opening stock = \(\,\text{₦}80,000\) - Gross profit ratio = 25 % of sales - Operating expenses: Salaries \(\,\text{₦}50,000\), Rent \(\,\text{₦}30,000\), Depreciation \(\,\text{₦}10,000\) - Drawings = \(\,\text{₦}40,000\) - Cash at hand = \(\,\text{₦}25,000\), Bank = \(\,\text{₦}15,000\) - Creditors = \(\,\text{₦}45,000\), Debtors = \(\,\text{₦}35,000\) The closing stock is unknown. Determine the amount of closing stock and the net profit for the year.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 34. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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