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WAEC Financial Accounting 1997 Question 6

Question 6

Control Accounts

Creditors Control Account
Dr: Bank "X"; Discount N30; Balance c/d N450
Cr: Balance b/d N1,200; "Y" N1,800
How much is "X"?

  1. A.N3,480
  2. B.N2,520
  3. C.N1,800
  4. D.N1,320
  5. E.N1,200
Show the answer and explanation

Answer: B (N2,520)

Explanation

Credit side total = 1,200 + 1,800 = 3,000, so X = 3,000 − 30 − 450 = N2,520.