passwella.
Menu

GCE Financial Accounting 1990 Question 4

Question 4

Control Accounts

Sales Ledger Control Account
Debit side: Balance b/d ?; Sales ₦21,610; Acceptance dishonoured ₦542; Total ₦34,742
Credit side: Discount Allowed ₦968; Sales Returns ₦942; Cash received from customers ?; Balance c/d ₦13,740; Total ₦34,742

What is the net sales for the year?

  1. A.₦21,610
  2. B.₦21,068
  3. C.₦20,668
  4. D.₦20,642
  5. E.₦20,610
Show the answer and explanation

Answer: C (₦20,668)

Explanation

Net sales = 21,610 − returns 942 = ₦20,668.