Question

1.The opening and closing balances of Trade Payables for year 2018 was N6,756,000 and N7,840,000 respectively. If the total payment to creditors from bank equals N24,310,000 What is the amount of credit purchases?
a.25394000
b.6756000
c.7840000
d.24310000

2.What is the net asset figure based on the following information: Fixtures N1,800,000; Trade Receivables - N480,000; Inventory- N2,400,000; Loan - N 600,000; Payables - N800,000;\nBank N1,636,000?\n
a.1800000
b.1400000
c.4916000
d.6320000

Answer 1

A. 25394000

7840000-6756000+24310000=25394000

C.4916000

1800000+480000+2400000+1636000-600000-800000=4916000