Calculate the total purchase of a business from the given information, cash purchases 3000; payments
FINANCIAL
JAMB 2015
Calculate the total purchase of a business from the given information, cash purchases 3000; payments to creditors 53,000; creditors at the beginning 4000; creditors at the end 2,000
- A. N52,000
- B. N51,000
- C. N55,000
- D. N50,000
Correct Answer: C. N55,000
Explanation
Total purchases = credit purchases plus cash purchases i.e. N52000 + N3000 = N55,000
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