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WAEC Financial Accounting 2015 Question 28

Question 28

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.
Closing capital is

  1. A.D8,100.
  2. B.D7,400.
  3. C.D6,700.
  4. D.D5,200.
Show the answer and explanation

Answer: C (D6,700.)

Explanation

Closing capital = stock 4,200 + motor van 3,200 - creditors 700 = D6,700.