WAEC Financial Accounting 1995 Question 27

Use the following Debtors Control Account:
Debit side: Balance b/d ₦8,000; 'X' ₦12,000
Credit side: Bank 'Y'; Discount ₦200; Balance c/d ₦3,000

The closing balance is a

1. A.current asset
2. B.current liability
3. C.fixed asset
4. D.fictitious asset
5. E.long term liability.