The following financial information was extracted from the single-entry records of Kalu, a… — JAMB UTME

The following financial information was extracted from the single-entry records of Kalu, a sole trader, for the year ended 31 December 2025:

- Opening creditors balance (1 January 2025): $₦24,500$
- Payments made to creditors by cheque: $₦115,000$
- Discount received from suppliers: $₦3,200$
- Returns outwards: $₦4,800$
- Contra set-off with sales ledger: $₦2,500$
- Closing creditors balance (31 December 2025): $₦31,000$

What is the total value of credit purchases for the year in Naira?

Cevap: 132000 ₦

Cevap

The total value of credit purchases for the year is

₦132,000

By reconstructing the Purchases Ledger Control Account, the debit side total is

₦156,500

(comprising cheque payments of

₦115,000

, discount received of

₦3,200

, returns outwards of

₦4,800

, contra set-off of

₦2,500

, and closing balance of

₦31,000

). Subtracting the opening balance of

₦24,500

gives the total credit purchases of

₦132,000

Adım Adım Çözüm

Determine the debit side total of the Purchases Ledger Control Account

Debit Total =

115,000 + 3,200 + 4,800 + 2,500 + 31,000 = ₦156,500

All transactions that reduce liabilities (payments, discounts received, returns, set-offs) and the closing balance are debited to the control account.

Calculate the missing credit purchases balancing figure

Credit Purchases =

156,500 - 24,500 = ₦132,000

Credit purchases increase the liability to creditors and represent the credit entry needed to balance the Purchases Ledger Control Account against the opening credit balance.

Anahtar Kavram

Reconstructing the Purchases Ledger Control Account to find missing credit purchases.

Soru

Cevap

Adım Adım Çözüm

Anahtar Kavram

Sık Yapılan Hatalar

Konular

Bu konudan daha fazla soru