Neco Model Questions Vol1 2025 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Using the following trial‑balance extracts for the year ended 31 December 2025, prepare the Income Statement and state the Net Profit.\n\nSales: \(\text{₦}200,000\)\nOpening Stock: \(\text{₦}30,000\)\nPurchases: \(\text{₦}90,000\)\nClosing Stock: \(\text{₦}25,000\)\nCarriage Inwards: \(\text{₦}5,000\)\nSalaries: \(\text{₦}20,000\)\nRent: \(\text{₦}12,000\)\nDepreciation - Furniture: \(\text{₦}3,000\)\nInterest on Loan: \(\text{₦}2,000\)\n\nNo other incomes or expenses are recorded.
Answer Options
About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 50. It is one of the objective questions from the 2025 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.