Question 22
Control AccountsMini Enterprises Sales Ledger as at 31/12/94 read:
(₦)
Balance b/f 12750
Total credit sales 28185
Payments by debtors 12112
Discount allowed 638
Sales returns 1500
Prepare the sales ledger control account and determine the balance due from debtors.
- A.₦40,935
- B.₦27,961
- C.₦26,685
- D.₦1,185.
Show the answer and explanation
Answer: C (₦26,685)
Explanation
Debits = 12 750 + 28 185 = 40 935. Credits = 12 112 + 638 + 1 500 = 14 250. Balance = ₦26 685.