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WAEC Financial Accounting 2026 Question 46

Question 46

Interpretation of Accounts

Use the following information to answer questions 46 to 48.
Stock: Le 70,000
Creditors: Le 14,000
Debtors: Le 44,000
Accrued income: Le 20,000
Bank overdraft: Le 50,000
The value of total assets is

  1. A.Le 192,000
  2. B.Le 164,000
  3. C.Le 162,000
  4. D.Le 134,000
Show the answer and explanation

Answer: D (Le 134,000)

Explanation

The assets are stock, debtors and accrued income: 70,000 + 44,000 + 20,000 = Le 134,000; creditors and the overdraft are liabilities.