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WAEC Financial Accounting 2003 Question 30

Question 30

Control Accounts

Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

  1. A.N262,000
  2. B.N224,000
  3. C.N221,000
  4. D.N176,000.
Show the answer and explanation

Answer: C (N221,000)

Explanation

65,000 + 200,000 − 3,000 − 41,000 = N221,000.