Given: I. Cash refunds II. Debit note issued III. Dishnoured cheque IV. Purchases The item...
FINANCIAL
JAMB 2023
Given:
I. Cash refunds
II. Debit note issued
III. Dishnoured cheque
IV. Purchases
The item on the credit side of purchase ledger control account includes
- A. I, II and IV only
- B. I and IV only
- C. I and II only
- D. I, II and III only
Correct Answer: B. I and IV only
Explanation
The item on the credit side of the purchase control account or total creditor control account are: purchase (credit), cash refunds, discount withdrawn, debit note received.
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