Neco Model Questions Vol1 2017 Financial Accounting Question 16
Practice objective / multiple choice question 16 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
The Purchases Control Account of XYZ Ltd. shows an opening debit balance of \(₦120,000\). During the month the total purchases recorded were \(₦560,000\). Cash payments made to suppliers amounted to \(₦505,000\) and the closing balance of the control account is a debit of \(₦135,000\). The Purchases Returns subsidiary ledger records total returns of \(₦48,000\). Determine the amount of purchase returns that were omitted from the Purchases Control Account.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 16. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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