JAMB Accounting 2015 Objective — Question 23

Question 23 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Total creditor's balance b/f was ₦7,200; total cash payment to suppliers was ₦98,400; total creditor's balance c/f was ₦8,400. Determine the year's purchases.

A. ₦7,200
B. ₦98,800Correct
C. ₦100,000
D. ₦105,200

Explanation

Total creditors control account: bal b/d (7,200) + purchases = cash paid (98,400) + bal c/d (8,400) = 106,800. Purchases = 106,800 − 7,200 = ₦98,800.

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