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WAEC Financial Accounting 2008 Question 45

Question 45

Control Accounts

Opening debtors N40,000
Opening creditors N30,000
Credit sales N100,000
Credit purchases N80,000
Bad debts N5,500
Set-offs N65,500
Closing debtors figure is

  1. A.N140,000
  2. B.N134,500
  3. C.N80,000
  4. D.N69,000.
Show the answer and explanation

Answer: D (N69,000.)

Explanation

40,000 + 100,000 − 5,500 − 65,500 = N69,000.