WAEC Accounting 2022 Paper

Concept:Current liabilities are short-term obligations payable within one year, including trade payables and accrued expenses.Explanation:The total current liability is obtained by adding the two liability items given.For this question, these items are:• Other payables/accrued expenses: $\mathrm{D}\,21,500$• Trade creditors/accounts payable: $\mathrm{D}\,280,000$So, calculate:$$\text{Total current liabilities} = 280,000 + 21,500 = 301,500$$Thus, the total is $\mathrm{D}\,301,500$.Answer:A. $\mathrm{D}\,301,500$