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WAEC Financial Accounting 2019 Question 17

Question 17

Incomplete Records

Use the following information to answer questions 17 and 18.
Opening capital: D 10,800
Drawings: D 2,500
Trade creditors: D 2,560
Trade debtors: D 2,880
Cash in hand: D 1,000
Net profit: D 6,000
The closing capital is

  1. A.D 16,800.
  2. B.D 14,300.
  3. C.D 8,300.
  4. D.D 7,300.
Show the answer and explanation

Answer: B (D 14,300.)

Explanation

10,800 + 6,000 − 2,500 = D 14,300.