Accounting 9706 · AS & A Level · The accounting system

The accounting system — practice question

Across the financial year, a business settled $295000 with its trade payables, after receiving a cash discount of $15000. The opening balance for trade payables was $25000, and at the close of the year $32000 remained owing to trade payables. What amount of credit purchases were made during the year?

  • A$288000
  • B$302000
  • C$303000
  • D$317000

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI