Practice Activity 8.8 Computation of credit purchases
- Adaeze Nwobu
- Apr 8, 2023
- 1 min read
From the information below, calculate the amount of purchases on credit:
₦
Trade payables (as at 1 January 2018) 600,000
Amounts paid to suppliers:
Cash 36,000
Cheque 350,000
Trade payables (as at 31 December 2018) 333,000
See the suggested answer to practice activity 8.8 here
Suggested answer to practice activity 8.8
To calculate the amount of purchases on credit, the trade payables control account will be prepared as follows:
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