Waec Model Questions Vol1 2024 Financial Accounting Question 27
Practice objective / multiple choice question 27 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A sole trader's trial balance includes the following items (all figures in ₦): Sales 800,000; Purchases 300,000; Opening Stock 120,000; Closing Stock 150,000; Salaries 80,000; Rent 40,000; Depreciation - Building 20,000; Provision for Doubtful Debts 5,000 (already provided). At year‑end the accountant discovers that a customer account of ₦12,000 is actually irrecoverable and should be written off, that building depreciation should have been ₦25,000 (i.e. an additional ₦5,000), and that a prepaid insurance of ₦8,000 was omitted from assets. What is the net profit for the year?
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 27. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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