Neco Model Questions Vol1 2020 Financial Accounting Question 40
Practice objective / multiple choice question 40 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
A business recorded the following transactions in April: (1) Purchased inventory on credit from Supplier X for \(N20,000\) (invoice dated 5 April). (2) Sold goods on credit to Customer Y for \(N15,000\) (invoice dated 8 April). (3) Received cash from a customer for \(N5,000\) on 12 April. (4) Paid cash to Supplier Z for utilities amounting to \(N2,000\) on 15 April. (5) Issued a cheque of \(N3,000\) to Supplier X on 20 April for part payment of the 5 April purchase. Identify the appropriate book of original entry for each transaction (Journal, Purchases Day Book, Sales Day Book, Cash Book, Bank Book). Then calculate the total amount recorded in the Purchases Day Book for April.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 40. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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