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WAEC Financial Accounting 1999 Question 7

Question 7

Incomplete Records

Debtors (1/1/98): N2,000
Debtors (31/12/98): N1,250
Cash received from Debtors: N6,000
Bad debts written off: N750
Discount allowed: N500
Discount received: N125
The debtors balance to be shown in the Balance Sheet at 31st December, 1998 is

  1. A.N6,000
  2. B.N3,250
  3. C.N2,000
  4. D.N1,250.
Show the answer and explanation

Answer: D (N1,250.)

Explanation

The closing debtors figure, N1,250, is shown in the balance sheet.