Neco Model Questions Vol1 2022 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
For a sole trader, the following trial balance items are given (all amounts in ₦): Sales 1,800,000; Purchases 900,000; Opening stock 150,000; Closing stock 180,000; Salaries 200,000; Rent 120,000; Motor vehicle cost 500,000 with accumulated depreciation 150,000. Depreciation on the motor vehicle is charged at 20 % on a reducing‑balance basis for the year. Interest on a loan of 300,000 is 30,000 and tax expense is 100,000. Determine the profit before tax for the year.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 43. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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