WAEC Accounting 2012 Objective — Question 47

Question 47 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 47 and 48. Cash in hand D1,440 Cash at bank D2,440 Stock D2,500 Furniture and fittings D2,200 Creditors D1,000 The capital is

A. D7,580Correct
B. D6,580
C. D5,380
D. D1,000

Explanation

Assets: Cash in hand 1,440 + Cash at bank 2,440 + Stock 2,500 + Furniture and fittings 2,200 = 8,580. Liabilities: Creditors (1,000). Capital = Assets−Liabilities = 8,580−1,000 = D7,580.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2012 Objective More Accounting past papers