Waec Model Questions Vol1 2023 Financial Accounting Question 27
Practice objective / multiple choice question 27 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
The Purchases Account for the month shows an opening debit balance of ₦15,000. During the month the following entries were posted: - Purchases ₦45,000 - Returns outwards (purchase returns) ₦2,500 - Freight‑in (transport) ₦1,200 - A cash purchase of ₦30,000 attracted a purchase discount of 1 %. After posting all entries, the balance of the Purchases Account is transferred to the Trading Account. What amount (debit) is transferred?
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 27. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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