Waec Model Questions Vol1 2023 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A merchandising business provided the following information for the year ended 31 December 2025: Sales ₦250,000; Opening Stock ₦30,000; Purchases ₦120,000; Closing Stock ₦28,000; Carriage Inwards ₦5,000; Carriage Outwards ₦3,000; Salaries ₦20,000; Machinery cost ₦80,000 with accumulated depreciation at the beginning of the year ₦20,000; depreciation is charged at 10% of cost per annum; Trade receivables at year‑end before provision amount to ₦15,000; a provision for doubtful debts equal to 5% of trade receivables is required; a loan of ₦50,000 bears interest at 12% per annum. Compute the net profit for the year.
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 42. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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