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WAEC Financial Accounting 2022 Question 50

Question 50

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 total current liability is

  1. A.D 301,500
  2. B.D 280,000
  3. C.D 264,350
  4. D.D 258,500
Show the answer and explanation

Answer: A (D 301,500)

Explanation

Overdraft 280,000 + creditors 21,500 = D 301,500.