Gce Model Questions Vol1 2023 Financial Accounting Question 5
Practice objective / multiple choice question 5 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
The Purchases Ledger for the month shows the following entries:\n\n- Opening balance (debit) \(15,000\)\n- Purchases on credit \(40,000\)\n- Returns outwards \(5,000\) (credit)\n- Payments made \(30,000\) (credit)\n- Freight‑in added to purchases \(2,000\) (debit)\n\nCalculate the closing balance of the Purchases Ledger and indicate whether it is a debit or credit balance.
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About This Question
This is Gce Model Questions Vol1 2023 Financial Accounting Question 5. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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