Waec Model Questions Vol1 2023 Financial Accounting Question 4
Practice essay / theory question 4 from the 2023 Waec Model Questions Vol1 Financial Accounting examination. This question covers Ledger Accounts, Trading Account, Profit & Loss Account, Balance Sheet, Depreciation, Accruals .
Musa Manufacturing Ltd. prepared its ledger balances for the month ended 31 December as shown below (all figures in ₦): - Opening Stock: 120,000 - Purchases: 540,000 - Purchase Returns: 30,000 - Freight‑in: 18,000 - Sales: 950,000 - Sales Returns: 20,000 - Closing Stock: 150,000 - Salaries Expense: 85,000 - Rent Expense: 40,000 - Depreciation Expense – Machinery: 12,000 (Machinery cost ₦240,000, estimated useful life 10 years, no residual value) - Interest Expense on Loan: 6,000 (loan balance ₦120,000, interest rate 5% per annum, accrued for the year) - Capital: 300,000 - Drawings: 45,000 Using the above information, answer the following questions:
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This is Waec Model Questions Vol1 2023 Financial Accounting Question 4. It is one of the essay questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Ledger Accounts, Trading Account, Profit & Loss Account, Balance Sheet, Depreciation, Accruals .
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