Use the following to answer the given question \(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \tex...
Question 1 Report
Use the following to answer the given question
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditors} & 30,000 \\ \text{Credit sales} & 100,000\\ \text{Credit purchases} & 80,000 \\ \text{Bad debts}& 5,500\\ \text{Set-offs} & 65,500\end{array}\)
Closing creditors figure is
Answer Details
The closing creditors figure can be found using the following formula:
Closing creditors = Opening creditors + Credit purchases - Set-offs
Substituting the given values, we have:
Closing creditors = 30,000 + 80,000 - 65,500
Closing creditors = ₦44,500
Therefore, the answer is ₦44,500.
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