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Calculate the total purchase of a business from the given information, cash purchases 3000; payments...

Accounts - Principles of Accounts
JAMB 2015

Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000

  • A. N52,000
  • B. N51,000
  • C. N55,000
  • D. N50,000
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Correct Answer: Option C
Explanation

Total purchases = credit purchases plus cash purchases i.e. N52000 + N3000 = N55,000

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