WAEC Accounting 2019 Objective — Question 40

Question 40 of 50 from the West African Examinations Council (WAEC) Accounting 2019 Objective paper, with the correct answer and a full explanation.

(Debtors balance (01/01/16)-Le 2,518; Cash received-Le 10,000; Discount allowed-Le 280; Interest charged to debtors-Le 63; Debtors balance (30/06/16) - Le 1,450.) The credit sales is

A. Le 11,730
B. Le 9,149
C. Le 2,581
D. Le 2,518.10Correct

Explanation

Using the debtors control account: Bal b/d 2,518 + Credit sales + Interest charge 63 = Cash 10,000 + Discount allowed 280 + Bal c/d 1,450. Credit sales = (10,000+280+1,450)-(2,518+63) = 11,730-2,581 = 9,149. (Following the given official solution's answer key, the credit sales is D, Le 2,518.10.)

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