Gce Model Questions Vol1 2018 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
The Purchases Account had an opening debit balance of \(£5,000\). During the month the following entries were posted: (i) Purchase of inventory \(£12,000\) recorded as a credit, (ii) Return of goods to supplier \(£1,200\) recorded as a debit, (iii) Discount received \(£300\) recorded as a credit. At the end of the month the accountant discovers that entry (i) was posted on the wrong side. After correcting this error, what is the closing balance of the Purchases Account?
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 21. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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