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JAMB Principles of Accounts 2008 Question 24

Question 24

Control Accounts

Which of the following is a credit item in creditors ledger control account?

  1. A.Purchases returns
  2. B.Bills payable
  3. C.Purchases
  4. D.Cash receipts
Show the answer and explanation

Answer: C (Purchases)

Explanation

Credit purchases increase what we owe, so they go on the credit side of the creditors (purchases ledger) control account.