Waec Model Questions Vol1 2022 Financial Accounting Question 5

Practice objective / multiple choice question 5 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 5 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

A company maintains a Purchases Returns Control Account. During the year the following information was recorded: - Total purchases: ₦500,000 - Returns recorded in the control account: ₦45,000 - The subsidiary ledger of suppliers shows total returns of ₦50,000. Determine (a) the amount of purchase returns that were not recorded in the control account, and (b) the corrected balance of the Purchases Returns Control Account after the omission is rectified.

Answer Options

A. Unrecorded returns: ₦5,000; Corrected balance: ₦455,000
Correct Answer B. Unrecorded returns: ₦5,000; Corrected balance: ₦450,000
C. Unrecorded returns: ₦0; Corrected balance: ₦445,000
D. Unrecorded returns: ₦10,000; Corrected balance: ₦440,000
Correct Answer
B
Correct Option:
Unrecorded returns: ₦5,000; Corrected balance: ₦450,000

About This Question

This is Waec Model Questions Vol1 2022 Financial Accounting Question 5. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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