Neco Model Questions Vol1 2023 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of ABC Ltd shows the following figures (in Naira):\n\n- Sales: 1,200,000\n- Sales Returns: 60,000\n- Opening Stock: 150,000\n- Purchases: 800,000\n- Purchase Returns: x (unknown)\n- Carriage Inwards: 40,000\n- Closing Stock: y (unknown)\n- Gross Profit is 25% of Net Sales.\n- Total expenses (excluding cost of goods sold) amount to 180,000.\n- Closing Stock is 30% of Opening Stock.\n\nDetermine the amount of Purchase Returns (x).
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 21. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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