Waec Model Questions Vol1 2023 Financial Accounting Question 46

Practice objective / multiple choice question 46 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Hard Difficulty
Question 46 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

During the year, a trader's trial balance showed the following figures (all amounts in Naira): Sales 560,000; Opening Stock 120,000; Purchases 300,000; Carriage Inwards 8,000; Wages 25,000; Gross Profit reported as 150,000; Net Profit after deducting Rent 20,000 and Salaries 30,000 reported as 95,000; Suspense Account debit balance 3,000. It is also known that the closing stock equals one‑tenth of the total purchases. Determine the amount of purchase returns and the closing stock.

Answer Options

A. Purchase returns = ₦10,000; Closing stock = ₦35,000
B. Purchase returns = ₦15,000; Closing stock = ₦25,000
C. Purchase returns = ₦12,500; Closing stock = ₦28,000
Correct Answer D. Purchase returns = ₦13,000; Closing stock = ₦30,000
Correct Answer
D
Correct Option:
Purchase returns = ₦13,000; Closing stock = ₦30,000

About This Question

This is Waec Model Questions Vol1 2023 Financial Accounting Question 46. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Hard .

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