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WAEC Financial Accounting 2011 Question 41

Question 41

Control Accounts

Use the following information to answer questions 41 and 42.
Ogogo's Sales Ledger Control Account
Dr: Balance b/d D25,180; Sales D43,220; Dishonoured cheque D542; total D68,942
Cr: Discounts allowed D1,936; Sales returns D1,884; Cash received from customers xxx; Balance c/d D5,122; total D68,942

Net sales is

  1. A.D41,878
  2. B.D41,336
  3. C.D41,284
  4. D.D39,400
Show the answer and explanation

Answer: B (D41,336)

Explanation

Sales 43,220 − sales returns 1,884 = D41,336.