Use the following information to answer the question $ Trade creditors (31/12/2020) 4,000 Paid for
FINANCIAL
WAEC 2023
Use the following information to answer the question
| $ | |
Trade creditors (31/12/2020) | 4,000 |
| Paid for purchases in 2021: Cheques | 110,000 |
| Carriage inwards | 1,000 |
| Trade creditors (31/12/2021) | 6,000 |
The total purchase in 2021 is
- A. $121,000
- B. $113,000
- C. $117,000
- D. $111,000
Correct Answer: D. $111,000
Explanation
To determine the total purchase in 2021, we need to sum up the amounts paid for purchases in 2021 and the carriage inwards.
The amounts are as follows:
Paid for purchases in 2021 (cheques): $110,000
Carriage inwards: $1,000
Adding these two amounts together gives us:
$110,000 + $1,000 = $111,000
Therefore, the total purchase in 2021 is $111,000.
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