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WAEC Financial Accounting 2024 Question 29

Question 29

Incomplete Records

Use the following information to answer questions 28 and 29.
Trade creditors 1/1/2022: GH¢35,000
Payment to suppliers in 2022: GH¢30,000
Discounts received: GH¢1,800
Trade creditors 31/12/2022: GH¢24,000
The balance sheet as at 31/12/2022 will show current liability of

  1. A.GH¢59,000.
  2. B.GH¢24,000.
  3. C.GH¢22,200.
  4. D.GH¢11,000.
Show the answer and explanation

Answer: B (GH¢24,000.)

Explanation

The closing trade creditors of GH¢24,000 are the current liability.