WAEC Accounting 2024 Paper

Concept:The balance on Taiyelolu’s current account is found as the balancing figure after comparing all credit items with the drawings on the debit side.Explanation:List the credit entries in Taiyelolu’s current account.Balance brought down $= 40,000$Salary $= 28,000$Interest on capital $= 20,000$Share of profit $= 19,000$Total credit entries $= 40,000 + 28,000 + 20,000 + 19,000 = 107,000$The debit side contains drawings of $20,000$.To balance the account, the total debit side must also equal $107,000$.So, let the closing balance be $x$.Then $20,000 + x = 107,000$$x = 107,000 - 20,000$$x = 87,000$This closing balance is Taiyelolu’s current value.Answer:Option B: #87,000