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ACCOUNTING

JAMB 2012 - Question 17

Account 2012 JAMB Past Questions - Question 17: 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.

Choose the most appropriate option for the gap .

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: # 210,000

B: #202,000

C: #195,000

D: #184,000

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ACCOUNTING

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Correct Answer

Explanation