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WAEC Financial Accounting 1999 Question 46

Question 46

Control Accounts

Creditors at start was N4,650 and at close N2,480, cash paid to suppliers during the year amounted to N12,000. Credit purchases for the year is valued at

  1. A.N14,480
  2. B.N12,000
  3. C.N9,830
  4. D.N7,130.
Show the answer and explanation

Answer: C (N9,830)

Explanation

Purchases = 12,000 + 2,480 − 4,650 = N9,830.