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WAEC Financial Accounting 2022 Question 48

Question 48

Final Accounts of a Sole Trader

Use the following information to answer questions 48 to 50
Motor vehicle: D 500,000
Stock: D 35,000
Debtors: D 18,000
Cash: D 12,850
Bank Overdraft: D 280,000
Creditors: D 21,500
The capital is

  1. A.D 867,350
  2. B.D 832,350
  3. C.D 544,350
  4. D.D 264,350
Show the answer and explanation

Answer: D (D 264,350)

Explanation

Assets 565,850 − liabilities (280,000 + 21,500) = D 264,350.