Neco 2020 Financial Accounting Question 24
Practice objective / multiple choice question 24 from the 2020 Neco Financial Accounting examination.
The Purchase Ledger Control Account shows an opening credit balance of ₦80,000. During the year the following occurred: credit purchases of ₦300,000; cash payments to suppliers of ₦250,000; purchase returns of ₦20,000; and cash discounts received amounting to 2\% on cash payments that were eligible for discount. The total cash payments eligible for discount were ₦150,000. Determine the closing balance of the Purchase Ledger Control Account.
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About This Question
This is Neco 2020 Financial Accounting Question 24. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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