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WAEC Financial Accounting 2008 Question 46

Question 46

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 creditors figure is

  1. A.N115,500
  2. B.N110,000
  3. C.N95,500
  4. D.N44,500.
Show the answer and explanation

Answer: D (N44,500.)

Explanation

30,000 + 80,000 − 65,500 = N44,500.