WAEC Accounting 2014 Objective — Question 42
Question 42 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.
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Branch stock account (at selling price) shows D346,000 debit; Branch mark-up account shows D62,000 credit. Calculate the stock figure to be included in the balance sheet at the year end.
- A. D408,000
- B. D346,000
- C. D284,000Correct
- D. D62,000
Explanation
Closing stock at cost = Branch stock at selling price − Branch mark-up = 346,000 − 62,000 = D284,000.
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