Accounting WAEC

The debtors balance to be shown in the Balance Sheet on 31st December, 1998 is?

Use the following information to answer the given question

#
Debtors (1/1/98) 2,000
Debtors (31/12/98) 1,250
Cash received from debtors 6,000
Bad debt written off 750
Discount allowed 500
Discount received 125

 

A. N6,000
B. N3,250
C. N2,000
D. N1,250

Correct Answer:

Option D – N1,250

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