Day: July 18, 2022

A business provides information:

• opening creditors – £20 000
• cash paid to creditors – £110 000
• purchases on credit – £120 000
• balances set-off against sales ledger – £2000
• discount received – £3000

What is the closing creditors balance?

Select ONE answer:

1. £25 000
2. £29 000
3. £30 000
4. £31 000

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 1

1. Correct = 20,000 +120,000 – 110,000 – 2,000 – 3,000
2. Not correct
3. Not correct
4. Not correct

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