Neco Model Questions Vol1 2023 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The following ledger balances are extracted from the trial balance of XYZ Ltd for the year ended 31 December:\n\n- Sales (Credit) .......... \u20a5850,000\n- Purchases (Debit) ........ \u20a5540,000\n- Salaries (Debit) ........ \u20a5120,000\n- Rent (Debit) ............ \u20a560,000\n- Capital (Credit) ........ \u20a5300,000\n- Opening Stock (Debit) ... \u20a580,000\n\nAdditional information:\n1. Equipment cost \u20a5200,000; depreciation is 10% per annum (not yet recorded).\n2. Outstanding salaries at year‑end amount to \u20a515,000 (not recorded).\n3. Closing stock was counted as \u20a570,000 but not posted.\nUsing this information, compute the net profit for the year and the capital at year‑end.
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 18. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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