Waec Model Questions Vol1 2018 Financial Accounting Question 2
Practice essay / theory question 2 from the 2018 Waec Model Questions Vol1 Financial Accounting examination. This question covers Double Entry .
A small trading business began March with the balances shown below (all amounts in ₦): Cash 150,000; Inventory 80,000; Accounts Receivable 45,000; Capital 250,000. During the month the following transactions occurred: 1. Purchased inventory on credit for 120,000. 2. Sold goods costing 90,000 for 150,000; cash received 80,000 and the balance on credit. 3. Paid wages 25,000 in cash. 4. Received a bank loan of 100,000 cash. 5. Paid rent 30,000 in cash. 6. Depreciated equipment (cost 60,000) by 15,000 (no prior depreciation). 7. Declared and paid dividends of 20,000. Using the double‑entry system, answer the questions that follow.
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This is Waec Model Questions Vol1 2018 Financial Accounting Question 2. It is one of the essay questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Double Entry .
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