Gce Model Questions Vol1 2018 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
The Purchases Control Account for the year shows an opening debit balance of \(\text{₦}0\), total purchases recorded in the purchases journal of \(\text{₦}125,000\), trade discounts received of \(\text{₦}2,500\) and a closing debit balance of \(\text{₦}119,000\). The subsidiary ledger of individual suppliers records total purchases of \(\text{₦}125,000\) and total purchase returns of \(\text{₦}4,000\). Assuming all purchase returns should be posted to the Purchases Control Account, determine the amount of purchase returns that have been omitted from the control account.
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 6. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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