JAMB Principles of Accounts 1999 Question 21

Use the information below to answer questions 21 and 22.
Aminu and Sons credit purchases [Extract] as at February 1996.
(₦)
Feb. 1 Credit balances 40,000
Feb. 1 Debit balances 1,000
Feb. 28 Purchases journal totals 500,000
Returns outwards journal totals 50,000
Cheques paid to suppliers 400,000
Promissory notes sent to Suppliers 30,000
Discount received from suppliers 8,000
Credit balances in the purchases ledger set off against debit balances in the sales ledger 2,000
The total for the purchases ledger control account is

1. A.₦480,000
2. B.₦490,000
3. C.₦500,000
4. D.₦540,000.