Neco Model Questions Vol1 2023 Financial Accounting Question 30

The trial balance of a sole trader as at 31 December is shown below (all figures in \(\text{₦}\)):\nSales 500,000; Purchases 300,000; Opening Stock 40,000; Closing Stock 35,000; Carriage Inwards 8,000; Carriage Outwards 12,000; Salaries 45,000; Rent 20,000; Depreciation expense - Machinery 15,000; Machinery (cost) 120,000; Accumulated depreciation 45,000; Trade Receivables 60,000; Trade Payables 55,000; Interest payable 5,000; Interest received 3,000; Capital 150,000; Drawings 30,000.\nAdditional information:\n- Machinery was revalued upwards by \(\text{₦}20,000\) on 1 January and the surplus is transferred to a revaluation reserve.\n- The depreciation rate is 10 % on the revalued amount of machinery.\n- Interest payable of \(\text{₦}5,000\) is accrued but not yet paid; interest received is already recorded.\n- Tax is charged at 30 % of profit before tax.\nPrepare the statement of profit or loss, the statement of financial position and compute profit after tax.