WAEC Accounting 2019 Objective — Question 17

Question 17 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

(using: Opening capital D10,800; Drawings D2,500; Trade creditors D2,56000; Trade debtors D2,880; Cash in hand D1,000; Net profit D6,000.) The closing capital is

A. D16,800
B. D14,300Correct
C. D8,300
D. D7,300

Explanation

Closing capital = Opening capital + Net profit - Drawings = D(10,800+6,000-2,500) = D14,300.

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