Waec Model Questions Vol1 2017 Financial Accounting Question 29
Practice objective / multiple choice question 29 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
The following incomplete records are available for a merchandising business: Closing stock ₦30,000; Total purchases ₦150,000; Cash sales ₦90,000; Credit sales ₦110,000 (40% of which were collected in cash); Cash purchases ₦70,000; Cash expenses (rent, salaries, etc.) ₦45,000; Opening cash balance unknown; Closing cash balance ₦25,000. The gross profit ratio is 30% of total sales. Determine the opening stock at the beginning of the period.
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 29. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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