Accounts (Principles of Accounts)Control accountsJAMB
Opening creditors ₦70,000; credit purchases ₦350,000; payments ₦300,000; discount received ₦8,000; returns outwards ₦12,000. Find closing creditors.
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Answer: D. ₦100,000
70,000 + 350,000 − 300,000 − 8,000 − 12,000 = ₦100,000.
An AdmitMe practice question, written for the JAMB syllabus. Not an official past question.