Neco Model Questions Vol1 2023 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
During March, XYZ Ltd recorded the following in its books of original entry:\n\n- Purchases Journal: credit purchases of \(120,000\); purchase returns of \(8,000\); freight‑in of \(5,000\).\n- Cash Book (receipts side): cash received from customers \(45,000\); cash paid to suppliers \(30,000\).\n- Sales Journal: cash sales \(70,000\); credit sales \(90,000\); sales returns \(6,000\).\n\nAssuming all entries are correctly posted to the appropriate ledger accounts, what is the balance (debit or credit) and amount shown in the Purchases Journal at the end of the month?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 6. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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