Waec Model Questions Vol1 2020 Financial Accounting Question 2
Practice essay / theory question 2 from the 2020 Waec Model Questions Vol1 Financial Accounting examination. This question covers Double Entry, Journalising Transactions, T‑accounts, Trial Balance, Adjusting Entries, Gross Profit .
XYZ Manufacturing Co. uses a perpetual inventory system and prepares its books on an accrual basis. The following transactions occurred during the month of June: 1. 3 June – Purchased raw materials on credit ₦120,000, terms 30 days. 2. 5 June – Paid cash for factory rent ₦15,000. 3. 10 June – Sold finished goods for cash ₦250,000; cost of goods sold (COGS) ₦180,000. 4. 15 June – Paid cash to suppliers for the raw materials purchased on 3 June. 5. 20 June – Recorded depreciation on factory equipment of ₦8,000 (straight‑line, not yet recorded).
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This is Waec Model Questions Vol1 2020 Financial Accounting Question 2. It is one of the essay questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Double Entry, Journalising Transactions, T‑accounts, Trial Balance, Adjusting Entries, Gross Profit .
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