Test Index

WAEC Accounting 2023 Paper

Question : 33

Total: 50

Solution:

Concept:

The bar purchases figure must be adjusted with opening and closing stock to determine the purchases value for the year.

Explanation:

Opening stock of bar supplies =

\mathrm{D}1{,}400

Bar purchases made during the year =

\mathrm{D}17{,}000

Closing stock of bar supplies =

\mathrm{D}1{,}600

Use the formula:

\text{Adjusted purchases} = \text{Opening stock} + \text{Purchases made} - \text{Closing stock}

Substitute the values:

\text{Adjusted purchases} = \mathrm{D}1{,}400 + \mathrm{D}17{,}000 - \mathrm{D}1{,}600 = \mathrm{D}16{,}800

Thus, the value of purchases for the year is

\mathrm{D}16{,}800

Answer:

\mathrm{D}16{,}800

(Option D)

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