Use the following information to answer this question Rent for 2014 chargeable to the profit...

Accounts - Principles of Accounts

JAMB 2025

Use the following information to answer this question

Rent for 2014 chargeable to the profit and loss account is

A. ₦3,400
B. ₦3,000
C. ₦4,000
D. ₦2,800

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Correct Answer: Option A

Explanation

The rent for 2014 chargeable to the profit and loss account is calculated by adding the rent paid during the year to the rent prepaid at the beginning of the year and then subtracting the rent prepaid at the end of the year. This gives us ₦3,200 + ₦600 - ₦400 = ₦3,400.

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