Use the following information to answer the given question \(\begin{array} {c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \te...

Assessment: WAEC SSCE - Financial Accounting - 2012 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following information to answer the given question
\(\begin{array} {c|c} & D \\ \hline \text{Cash in hand}& 1,440\\ \text{Cash at bank} & 2440\\ \text{Stock} & 2,500\\ \text{Furniture and fittings} & 2,200 \\ \text{Creditors} & 1,000\end{array}\)
The liability is

Answer Details
The total assets of the business are Cash in hand + Cash at bank + Stock + Furniture and fittings = D1,440 + D2,440 + D2,500 + D2,200 = D8,580. The liability is the amount owed to creditors, which is D1,000. Therefore, the liability is D1,000. Option D is the correct answer.
Read lesson note on Cashbook (JAMB)
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