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Use the information below to answer this question At the end of a financial period,...

Accounts - Principles of Accounts
JAMB 2021

Use the information below to answer this question
At the end of a financial period, the trading profit and loss account of a sole trader shows a profit of 
₦180,000 it is however discovered that revenue of 
₦15,000 is recorded as expenses while expenses of
₦4,000 is recorded as revenue.

Determine the adjusted net profit

  • A. ₦202,000
  • B. ₦210,000
  • C. ₦195,000
  • D. ₦184,000
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Correct Answer: Option A
Explanation
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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