WAEC Accounting 2018 Objective — Question 34

Question 34 of 50 from the West African Examinations Council (WAEC) Accounting 2018 Objective paper, with the correct answer and a full explanation.

Credit purchases for 2016 is

A. D290,000
B. D230,000Correct
C. D220,000
D. D210,000

Explanation

Using the creditors control account: Opening 30,000 + Credit purchases − Payments (220,000) = Closing 40,000; Credit purchases = 40,000+220,000−30,000 = D230,000.

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