Gce Model Questions Vol1 2020 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
A Purchases Ledger Control Account shows an opening credit balance of \(\text{₦}30{,}000\). During the month the following entries were posted: purchases on credit \(\text{₦}45{,}000\), returns outwards \(\text{₦}3{,}500\), payments to creditors \(\text{₦}28{,}000\) and discount received \(\text{₦}500\). At month‑end it is discovered that a supplier invoice of \(\text{₦}2{,}200\) was omitted and a payment of \(\text{₦}1{,}200\) was posted twice. Determine the correct closing balance of the Purchases Ledger Control Account (state whether it is a debit or credit balance and its amount).
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 2. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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