Waec Model Questions Vol1 2022 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
During June 2022 the following transactions were recorded for XYZ Ltd. 1. 3 June - Purchased goods on credit from Supplier A for ₦150,000 (terms: 2 % discount if paid within 30 days). 2. 10 June - Returned defective goods to Supplier A worth ₦12,000 and received a credit note. 3. 15 June - Paid Supplier A the amount due, taking the discount. 4. 20 June - Purchased goods on credit from Supplier B for ₦80,000 (no discount). 5. 25 June - Returned goods to Supplier B worth ₦5,000; Supplier B refused any discount on the return. After posting all these entries to the Purchases Returns journal and then to the Purchases Returns ledger, what is the credit balance in the Purchases Returns ledger on 30 June 2022?
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About This Question
This is Waec Model Questions Vol1 2022 Financial Accounting Question 20. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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