Waec Model Questions Vol1 2017 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
A trader's incomplete records for the month are as follows: Opening stock ₦45,000; Opening cash balance ₦20,000; Closing cash balance ₦18,000; Cash sales ₦120,000; Credit sales (amount unknown) - 30% of which were collected in cash during the period; Cash purchases ₦90,000; Credit purchases ₦70,000 - 40% of which were paid in cash during the period; Cash expenses (rent, salaries, other) total ₦40,000; The gross profit ratio is 25% of total sales. Determine the value of the closing stock at the end of the month.
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 26. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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