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JAMB Principles of Accounts 2000 Question 22

Question 22

Control Accounts

Given:
Sales Ledger Control Account (Extracts) (₦)
Balance b/f 10,600
Total cash payments by debtors 32,275
Total credit sales 59,193
Discount received 9,700
Balance c/f 20,751
Discount allowed 2890
Determine the sales returns

  1. A.₦24,577
  2. B.₦13,877
  3. C.₦7,067
  4. D.₦2,890.
Show the answer and explanation

Answer: B (₦13,877)

Explanation

Debits = 10,600 + 59,193 = 69,793. Credits without returns = 32,275 + 2,890 (discount allowed) + 20,751 = 55,916. Returns = ₦13,877. Discount received is ignored.