Gce Model Questions Vol1 2021 Financial Accounting Question 36
Practice objective / multiple choice question 36 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
A trader's cash book shows cash received from customers of \(85{,}000\) and cash paid to suppliers of \(55{,}000\). Other cash payments (wages, expenses) total \(15{,}000\). The trader's sales for the year were \(100{,}000\) and gross profit is 20% of sales. Opening stock is \(10{,}000\) and closing stock is \(12{,}000\). Determine the amount of credit purchases made during the year.
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 36. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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