3.4. Control accounts
A subsection of Accounting, 7707, through 3. Verification of accounting records
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The following partly completed account appeared in Candy’s ledger. Purchases ledger control account $ $ Dec 31 bank 42 000 Dec 1 balance b / d discount received purchases 48 000 The following entries still need to be made in the account. Interest of $15 was charged by credit suppliers for overdue payments. Balances owing in the purchases ledger totalling $450 were set off against balances in the sales ledger. What will be the closing balance on the purchases ledger control account after these entries are made?
7707_s23_qp_11
MCQ
2023
Paper 1, Variant 1
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Questions Discovered
30