Neco Model Questions Vol1 2024 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd for the year ended 31 December 2024 shows the following items (all figures in Naira):\n\nSales \(1,200,000\)\nOpening Stock \(150,000\)\nPurchases \(720,000\)\nClosing Stock \(180,000\)\nCarriage Inwards \(30,000\)\nSalaries \(120,000\)\nRent \(45,000\)\nMachinery cost \(300,000\) with residual value \(30,000\) and useful life 5 years (straight‑line)\nLoan balance \(80,000\) at 12% interest per annum\nTrade receivables \(100,000\)\n\nNo depreciation, provision for doubtful debts or interest has been recorded in the trial balance. Compute the net profit for the year.
Answer Options
About This Question
This is Neco Model Questions Vol1 2024 Financial Accounting Question 11. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.