WAEC Financial Accounting 2018 Question 33

Question 33

Incomplete Records

Use the following information to answer questions 33 and 34. (01/01/2016 / 31/12/2016)
Trade debtors: D 80,000 / D 100,000
Trade creditors: D 30,000 / D 40,000
Stock: D 70,000 / D 90,000
Cheques received from trade debtors in 2016: D 350,000
Payments made to trade creditors in 2016: D 220,000
Credit sales for 2016 is

  1. A.D 530,000.
  2. B.D 370,000.
  3. C.D 350,000.
  4. D.D 330,000.
Show the answer and explanation

Answer: B (D 370,000.)

Explanation

350,000 + 100,000 − 80,000 = D 370,000.