WAEC Accounting 2022 Paper

Concept:The bank statement balance is found by adjusting the opening balance with the given additions and deductions.Explanation:Start with the opening balance as per the bank statement.Add the amount that increases the balance, which is $\$1,680$.Subtract the amount that decreases the balance, which is $\$500$.The opening balance is $\$300$.So, the calculation is:$$300 + 1680 - 500$$First add:$$300 + 1680 = 1980$$Then subtract:$$1980 - 500 = 1480$$Since this is the balance as per the bank statement and it is favourable, it is recorded as a credit balance.Answer:$\$1,480$ Cr.Therefore, the correct option is D.