Waec Model Questions Vol1 2024 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
ABC Traders maintains a Purchases Control Account. The credit side of the control account shows total purchases of ₦115,000. The subsidiary ledger contains the following credit balances for three suppliers: Supplier A - ₦50,000, Supplier B - ₦35,000, Supplier C - ₦28,000. A debit entry of ₦6,000 for purchase returns is recorded in the control account but has not been posted to the subsidiary ledger. (i) Determine the net credit balance of the Purchases Control Account after the returns. (ii) Assuming the returns should be allocated to the three suppliers in proportion to their original purchase amounts, calculate the amount that must be deducted from each supplier's balance.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 11. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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