JAMB - Accounts Principles Of Accounts (2024 - No. 65)
Purchase Ledger Control Account
| # | # | ||
|
Cash paid to debtors |
15000 | Balance c/d | 5000 |
|
Bills payable |
3000 | Purchase journal | 30000 |
|
Discount receive |
2500 |
|
|
|
Return outward |
1500 | ||
|
Sales ledger |
1200 | ||
|
Balance c/d |
11800 | ||
| 35000 | 35000 |
The amount #30,000 represents
cash purchases
cash paid to supplier
credit purchases
amount due from supplier
Explanation
In the given Purchase Ledger Control Account information, the entry "Purchase journal" has a value of #30,000. This entry represents the total value of purchases made on credit from suppliers during the accounting period.
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