WAEC Accounting 2024 Paper

Concept:A purchases control account is a summary of all amounts owed to suppliers, so its closing balance equals the trade creditors balance at the end of the period.Explanation:Trade creditors on 1/1/2022 were $\text{GH¢}\,35{,}000$.Payments to suppliers in 2022 were $\text{GH¢}\,30{,}000$.Discounts received during the year were $\text{GH¢}\,1{,}800$.These two items reduce the amount owed to suppliers.The trade creditors balance on 31/12/2022 is given as $\text{GH¢}\,24{,}000$.This amount represents what is still unpaid at the end of the year.On the purchases control account, the closing credit balance brought down is exactly this same unpaid amount.It is the creditors balance that should appear in the balance sheet.Therefore, the balance on the purchases control account at the end is $\text{GH¢}\,24{,}000$.Answer:$\text{GH¢}\,24{,}000$ (Option B).