Waec Model Questions Vol1 2019 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of ABC Ltd as at 31 December (figures in ₦) is: Cash 45,000; Accounts receivable 68,000; Inventory 52,000; Equipment (cost) 120,000; Accumulated depreciation - equipment 30,000; Accounts payable 40,000; Capital 200,000; Drawings 25,000; Sales 210,000; Purchases 95,000; Salaries expense 38,000; Rent expense 12,000. The company uses straight‑line depreciation on the equipment over 5 years with no residual value. The equipment was purchased on 1 January of the previous year for 120,000. A bank loan of 80,000 bears interest at 10 % per annum, which has not been recorded. No other adjustments are required. Determine the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 35. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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