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A debit balance of N420 on the purchase ledger control account means that as at...

Accounts - Principles of Accounts
WAEC 2018

A debit balance of N420 on the purchase ledger control account means that as at that date............

  • A. trade creditors have been paid by N420
  • B. trade creditors are owed N420
  • C. goods returned to trade creditors amounted to N420
  • D. total supplies from trade creditors amounted to N420
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Correct Answer: Option A
Explanation

The purchase ledger control account is part of the balance sheet and shows at any given time how much you owe to your suppliers. It is credited if its balance increases & debited if its balance decreases.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts