Opening creditors was N65,000, closing creditors was N41,000. Credit purchases was N200,000 and discount received N3,000. How much was paid to creditors?

Answer Details

To determine the amount paid to creditors, we need to use the following formula: Amount paid to creditors = Credit purchases - Discount received + Opening creditors - Closing creditors We are given that the opening creditors were N65,000, the closing creditors were N41,000, the credit purchases were N200,000, and the discount received was N3,000. Substituting these values in the formula, we get: Amount paid to creditors = N200,000 - N3,000 + N65,000 - N41,000 Amount paid to creditors = N221,000 Therefore, the amount paid to creditors was N221,000. Answer: ₦221,000