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WAEC Accounting 2023 Paper

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Question : 34

Total: 50

Use the following information to answer the questions

The transactions of All Girls' Social Club for the year 2021 are as follows:

Bar sales D 30,000; Bar purchases D 17,000 and Rent D 1,200

D 11,600
D 11,800
D 13,000
D 12,400

Solution:

Concept:

Net profit on the bar is found by subtracting bar purchases and rent paid from bar sales.

Explanation:

Bar sales =

D\,30,000

Bar purchases =

D\,17,000

Rent =

D\,1,200

Total expenses =

D\,17,000 + D\,1,200 = D\,18,200

Net profit = bar sales - total expenses =

D\,30,000 - D\,18,200 = D\,11,800

Answer:

B.

D\,11,800

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