A firm’s creditors at the beginning of an accounting period totalled £2,500 and at the end of the same accounting period, they totalled £4,200.
If the firm paid £32,000 to its creditors during the period, its credit purchases for the period totalled?
Select ONE answer:
- £30,300
- £31,600
- £33,700
- None of the above
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple-choice question is suitable for Accounting KS5 classes.
The answer is 3
- Not correct
- Not correct
- Correct
- Not correct
Answer 3:
Creditors
Dr Bank £32,000
Dr Balance c/d £4,200
Dr Total £36,200
Cr Balance b/d £2,500
Cr Purchases £33,700
Cr Total £36,200
This work is licensed under a Creative Commons Attribution 4.0 International License.