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WAEC Financial Accounting 2007 Question 9

Question 9

Incomplete Records

Opening stock N1,800
Closing stock N1,350
Creditors – 1/01/2004 N1,275
Creditors – 31/12/2004 N1,140
Cash paid to creditors N6,900
Debtors 1/01/2004 N465
Cash received from debtors N11,130
Debtors 31/12/2004 N300
Sales for the year was

  1. A.N11,430
  2. B.N11,295
  3. C.N11,130
  4. D.N10,965.
Show the answer and explanation

Answer: D (N10,965.)

Explanation

11,130 + 300 − 465 = N10,965.