WAEC Accounting 2023 Objective — Question 4

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

(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.Correct

Explanation

Using the creditors control account: Bal b/d 4,000 + Credit purchases 111,000 = Bank 110,000 + Carriage inward 1,000 + Bal c/d 6,000 (both sides = 116,000); total credit purchases for the year = $111,000.

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