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WAEC Financial Accounting 2008 Question 16

Question 16

Incomplete Records

Opening capital N60,000
Drawings N4,000
Cost of sales N50,000
General expenses N7,000
Mark-up 50%
Closing capital is

  1. A.N81,000
  2. B.N78,000
  3. C.N74,000
  4. D.N64,000.
Show the answer and explanation

Answer: C (N74,000)

Explanation

60,000 + 18,000 − 4,000 = N74,000.