Gce Model Questions Vol1 2022 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The Purchases Ledger Account for XYZ Ltd. has an opening debit balance of \(\text{₦}12,000\). During the year the following entries were posted to the Purchases Account: - Cash purchases: Dr \(\text{₦}5,600\) - Credit purchases: Dr \(\text{₦}3,400\) - Purchase returns: Cr (amount unknown) - Discount received on credit purchases: Cr 2 % of the credit purchases After posting all entries, the balance of the Purchases Account is a debit of \(\text{₦}19,500\). Determine the amount of purchase returns and state the closing balance of the Purchases Account.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 26. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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