WAEC Accounting 2024 Paper

Concept:Credit purchases are found as the balancing figure in the trade creditors control account.Explanation:Trade creditors on 1/1/2022 are GH¢35,000, which is the opening credit balance.Payments to suppliers are GH¢30,000 and discounts received are GH¢1,800.Both payments and discounts received reduce the amount owed to creditors, so they are shown on the debit side.Trade creditors on 31/12/2022 are GH¢24,000, so this is the closing credit balance carried down.Find total of the debit side:$$30{,}000 + 1{,}800 + 24{,}000 = 55{,}800$$The credit side must also total GH¢55,800 to balance.Opening creditors are GH¢35,000, so the missing figure is purchases:$$\text{Purchases} = 55{,}800 - 35{,}000$$$$\text{Purchases} = 20{,}800$$So, purchases for the year amount to GH¢20,800.Answer:D. GH¢20,800.