Waec Model Questions Vol1 2018 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The following opening balances and transactions occurred during the month of March for XYZ Ltd.:\n\nOpening balances (debit): Cash ₦20,000; Debtors ₦15,000. Opening balance (credit): Creditors ₦10,000. All other accounts start at zero.\n\nTransactions:\n1. Purchased goods on credit for ₦50,000.\n2. Sold goods for ₦70,000 cash.\n3. Paid cash expenses of ₦5,000.\n4. Received cash from debtors of ₦30,000.\n5. Paid cash to creditors of an unknown amount.\n\nAfter posting all the transactions, the closing balance of the Cash account is ₦45,000 (debit). What amount was paid to the creditors in transaction 5?
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About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 26. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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