Waec Model Questions Vol1 2023 Financial Accounting Question 5

The following ledger account balances were extracted from the books of XYZ Trading at 31 December 2023. | Account | Debit (₦) | Credit (₦) | |------------------------|-----------|------------| | Cash | 120,000 | | | Accounts Receivable | 85,000 | | | Inventory | 150,000 | | | Equipment | 200,000 | | | Accumulated Depreciation‑Equipment | | 40,000 | | Accounts Payable | | 95,000 | | Loan Payable | | 150,000 | | Capital | | 300,000 | | Drawings | 45,000 | | | Sales Revenue | | 420,000 | | Purchases | 210,000 | | | Rent Expense | 30,000 | | | Salaries Expense | 70,000 | | | Interest Expense | 12,000 | | | Bad Debt Expense | 8,000 | | Using the above information answer the questions that follow.