Day: February 28, 2023

A trader, whose purchases are all on credit, does not keep double entry records.

The following information is available:

• opening creditors – £51,660
• payments to suppliers during the year – £212,760
• closing creditors – £56,340

The discount received for the year amounted to £1000.

What were the purchases for the period?

Select ONE answer:

1. £209,080
2. £214,940
3. £217,440
4. £218,440

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

1. Not correct
2. Not correct
3. Not correct
4. Correct – £212,760 + £56,240 + £1,000 – £51,660 = £218,440

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