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JAMB - Accounts Principles Of Accounts (2018 - No. 67)

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

what is the purchase ledger balance?
N29,000
N24,000
N4,000
N23,000

Explanation

A bought (purchase) ledger is a system in accounting by which a business records and monitors its creditors. The purchase ledger contains the individual accounts of suppliers from whom the business has made purchases on credit. from the table above it is given as thus;

opening balance + credit purchase - returns outwards. ie, 4,000 + 25000 = 29,000 - 6,000 = 23,000

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