Gce Model Questions Vol1 2022 Financial Accounting Question 15
Practice objective / multiple choice question 15 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The following trial‑balance (in £) shows a missing figure for purchases. Debit side: sales returns £(5{,}000), opening stock £(40{,}000), closing stock £(55{,}000), salaries £(30{,}000), rent expense £(12{,}000), bank £(20{,}000). Credit side: sales £(200{,}000), capital £(100{,}000), trade payables £(25{,}000), loan £(15{,}000), interest income £(3{,}000). The total of the credit side is £(343{,}000). Determine the amount that should be entered for purchases on the debit side so that the trial balance balances.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 15. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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