NECO Accounting 2023 Objective — Question 4

Question 4 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.

Using the following information: Trade creditors (31/12/2020) $4,000; Paid for purchases in 2021 (Cheques) $110,000; Carriage inwards $1,000; Trade creditors (31/12/2021) $6,000. The total purchases in 2021 is (a) $121,000 (b) $117,000 (c) $113,000 (d) $111,000

A. $121,000
B. $117,000
C. $113,000
D. $111,000Correct

Explanation

Total purchases = Amount paid for purchases + Carriage inward = $110,000 + $1,000 = $111,000.

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