Neco Model Questions Vol1 2025 Financial Accounting Question 29
Practice objective / multiple choice question 29 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
XYZ Ltd has the following information for the year ended 31 December 2025 (all figures in \(\text{₦}\) thousands):\n- Recorded sales (cash and credit) = 1,800\n- Opening stock = 250\n- Closing stock = 300\n- Gross profit margin = 30 % of sales\n- Salaries expense (recorded) = 120\n- Rent expense (recorded) = 80\n- Depreciation on equipment is 10 % of its cost and amounts to 15\n- The accumulated depreciation at the beginning of the year was 45\n- Cash purchases were not recorded\n- An unrecorded cash sale of 50 occurred during the year\nUsing the gross‑profit method, determine the net profit for the year.
Answer Options
About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 29. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.