Waec Model Questions Vol1 2019 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The following trial balance items are for the year ended 31 December:\nSales ₦1,200,000\nOpening Stock ₦200,000\nPurchases ₦600,000\nClosing Stock ₦180,000\nCarriage Inwards ₦30,000\nSalaries ₦150,000\nRent ₦80,000\nInterest Received ₦10,000\nDiscount Allowed ₦5,000\nDiscount Received ₦3,000\nFurniture cost ₦120,000 (residual ₦20,000, life 5 years).\nCalculate the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 48. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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