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JAMB Principles of Accounts 2006 Question 9

Question 9

Control Accounts

The difference in the sales ledger control account is transferred to the

  1. A.profit and loss account
  2. B.sales account
  3. C.balance sheet
  4. D.trading account.
Show the answer and explanation

Answer: C (balance sheet)

Explanation

The balancing figure in the sales ledger control account is total debtors, a current asset shown in the balance sheet.