Chinedu operates a retail business using single-entry bookkeeping. The following details relate to his trade creditors for the year ended 31 December 2025:
| Transaction Details | Amount (₦) |
|---|---|
| Creditors balance at 1 January 2025 | 45,000 |
| Payments made to creditors | 185,000 |
| Discounts received | 6,500 |
| Returns outwards | 4,200 |
| Contra entry with sales ledger | 3,300 |
| Creditors balance at 31 December 2025 | 52,000 |
What is the total credit purchases for the year?
Cevap: 206000 ₦
Cevap
The total credit purchases for the year is ₦206,000.
To find the missing total credit purchases, set up a Purchases Ledger Control Account:
Debit Side (Decreases Liability + Closing Balance):
- Cash/Bank Paid to Creditors:
- Discount Received:
- Returns Outwards:
- Contra Entry (Set-off):
- Closing Balance :
**Total Debits = **
Credit Side (Increases Liability):
- Opening Balance :
- Credit Purchases (Balancing Figure):
Thus, the total credit purchases for the year is .
Debit Side (Decreases Liability + Closing Balance):
- Cash/Bank Paid to Creditors:
- Discount Received:
- Returns Outwards:
- Contra Entry (Set-off):
- Closing Balance :
**Total Debits = **
Credit Side (Increases Liability):
- Opening Balance :
- Credit Purchases (Balancing Figure):
Thus, the total credit purchases for the year is .
Adım Adım Çözüm
Anahtar Kavram
Reconstructing Purchases Ledger Control Account (Creditors Control Account) to determine missing credit purchases in single-entry bookkeeping.