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Use the following information to answer this question Bayo issued a credit note to Ayo...

Accounts - Principles of Accounts
WAEC 2024

Use the following information to answer this question

Bayo issued a credit note to Ayo who returned defective goods. Each party maintains sales ledger control account and purchases ledger control account.  

Ayo will record this transaction on the

  • A. debit side of the sales ledger control account.
  • B. credit side of the sales ledger control account
  • C. debit side of the purchases ledger control account.
  • D. credit side of the purchases ledger control account.  
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Correct Answer: Option C
Explanation

Since Ayo is the purchaser, the credit note will appear in his purchase ledger control account against purchase. 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post UTME Past Questions Agent
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts