Use the following information to answer the given question
\(\begin{array}{c|c} & \text{1/1/86} & \text{31/12/86} \\ & N & N \\ \hline creditors & 5,000 & 8,000 \\ stock & 1,200 & 1,100 \\ \text{Mark-up} & \text{25%} & \\ \text{Cash paid to creditors} & N7,000 & \end{array}\)
Purchases for the year amounted to

Similar Questions

When a purchase business is revalued, the effect is that ...

In converting single entry to final account, the balancing figures on the income and expenses accoun...

An allowance given to a customer by a supplier for prompt payment is ...

The method that provides a reliable check upon cash and stock at the branch and discloses the gross ...

Stock is N200 at start, and N320 at close purchases N2,055 and sales N3,189. The value of goods avai...

In a manufacturing company, the total cost of goods produced is equivalent to? ...

On dissolution, the final distribution of cash to partners is based on? ...

Aminu and Sons credit purchases (Extract] as at February 1996. Feb 1Credit balances 40, 000 Debi...

Bala ltd acquired the business of bello ltd and caused the separate existence of the latter company ...

Trading account for the year ended 31st December 2009 ₦ ₦ Opening...