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JAMB Principles of Accounts 2001 Question 19

Question 19

Control Accounts

Use the information below to answer questions 19 and 20.
(₦)
Purchases ledger opening balances 4,000
Sales ledger opening balances 6,000
Credit purchases during the year 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Returns outwards 6,000
Calculate the sales ledger balance.

  1. A.₦3,000
  2. B.₦6,000
  3. C.₦10,000
  4. D.₦13,000.
Show the answer and explanation

Answer: D (₦13,000.)

Explanation

Sales ledger = opening 6,000 + credit sales 10,000 − discounts allowed 1,000 − returns inwards 2,000 = ₦13,000.