The following balances appeared in the books of Chukwu Enterprises at 31 December: Creditors control account balance (opening) ₦72,000; Credit purchases ₦240,000; Cash paid to creditors ₦195,000; Purchases returns ₦14,000; Discount received ₦6,000; Contra with debtors ₦3,000. What is the closing balance of the Creditors Control Account?

Debit side of Creditors Control: Cash paid ₦195,000 + Purchases returns ₦14,000 + Discount received ₦6,000 + Contra ₦3,000 + Closing balance ₦94,000 = ₦312,000. Credit side: Opening balance ₦72,000 + Credit purchases ₦240,000 = ₦312,000. Closing balance = ₦72,000 + ₦240,000 − ₦195,000 − ₦14,000 − ₦6,000 − ₦3,000 = ₦94,000. All items that reduce the liability (payments, returns, discounts, contra) are debited to the control account.