As at 1 July 2023, Alex plc owed £524,925 to suppliers plus £9,653 to staff in respect of bonuses.
In the year to 30 June 2024, it paid trade suppliers £1,249,506, and £34,682 in staff bonuses.
Alex plc also posted £1,987,345 to its trade payables control account from the purchases journal, and received discounts of £12,824.
At the end of the period, it processed a contra with the receivables ledger of £8,236 and calculated that it owed staff bonuses of £12,762.
In its statement of financial position as at 30 June 2024, Alex plc will have a figure for trade and other payables of?
Select ONE answer:
- £1,267,352
- £1,241,704
- £1,258,176
- £1,283,824
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 2
- Notcorrect
- Correct ==> Dr Bank Payments £1,249,506 + Contra £8,236 + Discount Received £12,824 – Cr Balance B/D £524,925 + Purchases Journal £1,987,345 == > Balance C/D £1,241,704
- Not correct
- Not correct
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