Given the following information, what is the balance on the creditors control account as at 31 December?
- Credit balance on the creditors control account at 1 January – £4,600
- Transactions for the period 1 January to 31 December £1,000
- Discount received Credit purchases £54,000
- Credit purchases returns £6,000
- Refunds received from suppliers £2,000
- Payments to suppliers £39,000
- Balance in creditors ledger set off against debtors ledger £1,000
Select ONE answer:
- £8,600
- £9,600
- £12,000
- £13,600
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 4
- Not correct
- Not correct
- Not correct
- Correct
Answer 4:
Creditors
Dr Discount Received £1,000
Dr Returns Outwards £6,000
Dr Bank £39,000
Dr Debtors £1,000
Dr Balance c/d £13,600
Dr Total £60,600
Cr Balance b/d £4,600
Cr Purchases £54,000
Cr Bank £2,000
Cr Total £60,600
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