Neco 2020 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2020 Neco Financial Accounting examination.
The Purchases Returns Control Account shows an opening debit balance of ₦120,000. During the year total purchases recorded in the Purchases Ledger were ₦850,000. Returns to suppliers recorded in the Returns Ledger amounted to ₦45,000. Cash payments to suppliers (including discounts taken) totalled ₦780,000. The closing balance of the control account is a credit of ₦5,000. Determine the amount of discount taken on payments.
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About This Question
This is Neco 2020 Financial Accounting Question 11. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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