Credit sales is given at 160% of cash received.
What is the balance c/d? debit 64300
A.
N333,000
B.
N234,000
C.
N343,000
D.
N243,000
Correct answer is D
Credit sales = 160% x 280,000 (cash receivable)
160/100 x 280,000
1.6 x 280,000 = 448,000
credit sales = 448,000
Bal c/d = debit side - credit side of the account. Hence we have;
Debit side = 87,000 + 488,000 + 58,000 + 50,000 = 643,000
credit side = 40,000 + 50,000 + 280,000 + 30,000 = 400,000
643,000 - 400,000 = 243,000
Bal c/d = 243,000