WAEC Accounting 2013 Objective — Question 32

Question 32 of 50 from the West African Examinations Council (WAEC) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Use the following information to answer questions 32 and 33. Aminn Local Government prepared its receipts and payments account from the following: Fines Le20,000 Market rates Le120,000 Salaries Le60,000 Maintenance of vehicles Le49,000 Park collections Le100,000 The balance at the end of the period is

A. Le270,000
B. Le139,000
C. Le131,000Correct
D. Le120,000

Explanation

Receipts: Fines 20,000+Market rates 120,000+Park collections 100,000 = 240,000. Payments: Salaries 60,000+Maintenance 49,000 = 109,000. Balance c/d = 240,000−109,000 = 131,000.

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