GCE Financial Accounting 1989 Question 18

Sales Ledger Control Account (1986)
Debit side: Jan. 1 Balance b/d ₦1,300; Jan. 31 Sales ₦7,630; Dishonoured Cheques ₦250; Stopped Cheques ₦100; Balance c/d ₦92; Total ₦9,372
Credit side: Jan. 1 Balance b/d ₦86; Bank ₦6,555; Discounts ₦345; Returns ₦130; Purchases Ledger ₦360; Balance c/d ₦1,896; Total ₦9,372
Feb. 1 Balance b/d ₦1,896 (debit); Feb. 1 Balance b/d ₦92 (credit)

The sum of ₦6,555 described as 'Bank' represents

1. A.cash sales for the month, including discounts
2. B.cash sales for the month excluding discounts
3. C.receipts from trade debtors only
4. D.receipts from all the debtors of the business
5. E.takings from both cash and credit sales.