Gce Model Questions Vol1 2018 Financial Accounting Question 37
Practice objective / multiple choice question 37 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
The Purchases ledger for January shows the following transactions:\n1. Opening balance \(\text{Dr}\) \(\text{₦}15,000\).\n2. Purchase of goods on credit \(\text{Dr}\) \(\text{₦}22,000\).\n3. Return of goods to supplier (credit note) \(\text{Cr}\) \(\text{₦}3,000\).\n4. Debit note from supplier increasing purchases \(\text{Dr}\) \(\text{₦}2,000\).\n5. Payment to supplier \(\text{Cr}\) \(\text{₦}18,000\).\nCalculate the closing balance of the Purchases ledger and state whether it is a debit or credit balance.
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 37. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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