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Question
Creditor’s Ledger contains accounts of supplies from whom goods are purchased ______.
Options
on cash
on debit
on credit
Either (a) or (b)
MCQ
Fill in the Blanks
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Solution
Creditor’s Ledger contains accounts of supplies from whom goods are purchased on credit.
Explanation:
A creditor’s ledger (also known as a purchase ledger) contains the accounts of suppliers from whom goods are purchased on credit.
These suppliers are called creditors because the business owes them money for goods bought but not yet paid for.
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