WAEC Accounting 2012 Objective — Question 31

Question 31 of 50 from the West African Examinations Council (WAEC) Accounting 2012 Objective paper, with the correct answer and a full explanation.

If creditors at 1/1/10 were Le3,000; creditors at 31/12/10 were Le5,500 and payments to creditors Le29,000. The purchases figure for 2010 is

A. Le34,500
B. Le34,500
C. Le31,500Correct
D. Le26,500

Explanation

Creditors Control A/c: Cr: Bal b/d 3,000 + Credit purchases (balancing figure) 31,500 = 34,500; Dr: Cash 29,000 + Bal c/d 5,500 = 34,500. Purchases for 2010 = Le31,500.

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