passwella.
Menu

WAEC Financial Accounting 2015 Question 27

Question 27

Incomplete Records

Use the following information: (1/7/10 / 30/6/11) Stock D1,460 / D4,200; Motor van D3,600 / D3,200; Creditors D600 / D700. Drawings during the year amounted to D1,500.
Opening capital is

  1. A.D5,660.
  2. B.D5,060.
  3. C.D4,460.
  4. D.D2,960.
Show the answer and explanation

Answer: C (D4,460.)

Explanation

Opening capital = stock 1,460 + motor van 3,600 - creditors 600 = D4,460.