WAEC Accounting 2021 Paper

Concept:Payment to creditors is found as the balancing figure of the creditors control account.Explanation:List all credit entries in the creditors account.Opening balance $= \text{NGN }223{,}000$Credit purchases $= \text{NGN 1,426,000}$Cheque dishonoured $= \text{NGN }90{,}000$Total credit side:$$\text{NGN 223,000 + NGN 1,426,000 + NGN 90,000 = NGN 1,739,000}$$Now list all debit entries except payment.Closing balance $= \text{N}316,000$Discount received $= \text{N64,000}$Total known debit entries:$$\text{NGN 316,000} + \text{NGN 64,000} = \text{NGN 380,000}$$Payment to creditors is the balancing figure:$$\text{N}1,739,000 - \text{N}380,000 = \text{N}1,359,000$$Answer:₦1,359,000Therefore, the correct option is B.