At the end of a financial period, the trading profit and loss account of a...
FINANCIAL
JAMB 1997
At the end of a financial period, the trading profit and loss account of a company showed a profit of N120,000. It was however discovered that revenue of N12,000 was recorded as expenses while expenses of N4,000 had been recorded as revenue. What should be the correct profit for the period?
- A. N104,000
- B. N128,000
- C. N136,000
- D. N144,000
Correct Answer: B. N128,000
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *