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Accounts - Principles of Accounts
WAEC 2024

Use the following information to answer this question.  
                                                                                    GH¢  
Trade creditors 1/1/2022                                            35,000  
Payment to suppliers in 2022                                     30,000  
Discounts received                                                      1,800  
Trade creditors 31/12/2022                                        24,000  

The balance sheet as at 31/12/2022 will show current liability of 

  • A. GH¢ 59,000.
  • B. GH¢ 24,000.
  • C. GH¢ 22,200.
  • D. GH¢ 1,000.
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Correct Answer: Option B
Explanation

The balance on the purchases control account at the end is the creditors balance that is shown in the balance sheet.

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