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WAEC Financial Accounting 2024 Question 28

Question 28

Incomplete Records

Use the following information to answer questions 28 and 29.
Trade creditors 1/1/2022: GH¢35,000
Payment to suppliers in 2022: GH¢30,000
Discounts received: GH¢1,800
Trade creditors 31/12/2022: GH¢24,000
The purchases for 2022 is

  1. A.GH¢90,800.
  2. B.GH¢55,800.
  3. C.GH¢39,200.
  4. D.GH¢20,800.
Show the answer and explanation

Answer: D (GH¢20,800.)

Explanation

Purchases = payments 30,000 + discounts 1,800 + closing creditors 24,000 − opening creditors 35,000 = GH¢20,800.