WAEC Accounting 2018 Objective — Question 15
Question 15 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.
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A debit balance of GH¢420 on the Purchase Ledger Control Account means that as at that date
- A. trade creditors have been overpaid by GH¢420Correct
- B. trade creditors are owed GH¢420
- C. goods returned to trade creditors amounted to GH¢420
- D. total supplies from trade creditors amounted to GH¢420
Explanation
A debit balance on the (normally credit-balance) Purchase Ledger Control Account indicates that creditors have been overpaid by that amount.
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