begin array c c amp text N hline text Debtors o... - JAMB Accounting 2017 Question
\(\begin{array}{c|c} & \text{N} \ \hline \text{Debtors opening} & 4000 \ \hline \text{Debtors clsoing} & 1500 \ \hline \text{Cash received from debtors} & 8500 \ \hline \text{Bad debts written off} & 350 \ \hline \text{Discount allowed} & 500 \ \hline \text{Discount Received} & 1000\end{array}\)
What is the amount of sales of sales for the year?
What is the amount of sales of sales for the year?
A
₦3850
B
₦6650
C
₦1550
D
₦6850
correct option: d
Dr Total Debtors Control A/c Cr
\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \ \hline
& \text{Dr. Allowed.....500} \ \hline & \text{bal c/d.....1,500} \ \hline 10,850 & 10,850 \ \hline \text{bal b/d.....1,500} & \end{array}\)
D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.
\(\begin{array}{c|c} \text{bal b/f.....4,000} & \text{Cash received..... 8,500} \ \hline \text{Credit sales.....6,850} & \text{Bad debt written off.....50} \ \hline
& \text{Dr. Allowed.....500} \ \hline & \text{bal c/d.....1,500} \ \hline 10,850 & 10,850 \ \hline \text{bal b/d.....1,500} & \end{array}\)
D is correct ₦6850 as the sales for the year accordingly to the above calculations
The total debtors account is meant to control the transactions with customers whether in cash or credits and to know the remaining cash receivables from customers.
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