Gce Model Questions Vol1 2021 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
A company records the following in its purchase book for June: - 5 June: Purchases of goods £2,400 cash. - 12 June: Purchases on credit £3,600, with a 2 % discount term if paid within 30 days. - 20 June: Purchase returns (goods returned to supplier) £500, recorded in the purchase returns book. - 28 June: Freight‑in £200, recorded in the freight‑in column of the purchase book. Later the accountant discovers that the purchase return of £500 was mistakenly entered as a purchase instead of being deducted. After correcting this error, what is the net total of purchases (excluding freight‑in) that should be posted to the Purchases account?
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 11. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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