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WAEC Financial Accounting 2003 Question 27

Question 27

Incomplete Records

Creditors: 1st Jan N4,200; 31st Dec N5,200
Stocks: 1st Jan N3,600; 31st Dec N3,200
Cash paid to creditors during the year was N18,000.
Cost of Sales for the year was

  1. A.N19,800
  2. B.N19,400
  3. C.N18,400
  4. D.N17,400
Show the answer and explanation

Answer: B (N19,400)

Explanation

3,600 + 19,000 − 3,200 = N19,400.