Neco 2018 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2018 Neco Financial Accounting examination.
For a sole trader the following incomplete records are available for the year ended 31 March 2023 (all amounts in \(\text{₦}\)):\n\n- Opening stock: 45,000\n- Sales: 320,000\n- Closing stock: 38,000\n- Gross profit rate: 30 % of sales\n- Purchases returns: 4,500\n- Carriage inwards: 2,200\n- Cash sales: 120,000; credit sales: 180,000\n- Cash purchases: 70,000; credit purchases: unknown\n- Cash payments to creditors: 85,000\n- Cash wages: 22,000; other cash expenses: 15,000\n- Trade creditors balance at year‑end: 28,000 (creditors owed)\n\nUsing the above information, determine the amount of credit purchases for the year.
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About This Question
This is Neco 2018 Financial Accounting Question 50. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Hard .
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