WAEC Accounting 2016 Objective — Question 5

Question 5 of 50 from the West African Examinations Council (WAEC) Accounting 2016 Objective paper, with the correct answer and a full explanation.

5. A bank statement shows an overdraft of GH¢190,000. Kofi, a debtor, paid GH¢400,000 into the account. The new bank balance is A. GH¢590,000 B. GH¢590,000 overdrawn C. GH¢210,000 D. overdrawn

A. GH¢590,000
B. GH¢590,000 overdrawn
C. GH¢210,000Correct
D. overdrawn

Explanation

Bank balance (overdraft) = (190,000); Direct payment = 400,000; New balance = 400,000-190,000 = GH¢210,000.

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 2016 Objective More Accounting past papers