WAEC Accounting 2023 Objective — Question 35

Question 35 of 50 from the West African Examinations Council (WAEC) Accounting 2023 Objective paper, with the correct answer and a full explanation.

The net profit on the bar to be transferred to the income and expenditure account for the year ended 31st December 2021 is

A. D 13,000.
B. D 12,400.
C. D 11,800.
D. D 11,200.Correct

Explanation

Bar trading account: Sales 30,000 - Cost of goods sold (Opening stock 1,400 + Purchases - Closing stock 1,600) = Gross profit 12,400; less Rent 1,200 = Net profit D11,200.

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