|
₦ |
|
|
Debtors opening |
4000 |
| Debtors closing | 1500 |
|
Cash received from debtors |
8500 |
|
Bad debts written off |
350 |
| Discount allowed | 500 |
| Discount received | 1000 |
What is the amount of sales for the year?
₦6850
₦6650
₦3850
₦1550
Correct answer is A
The amount of sales for the year is calculated using the formula: Opening Debtors + Sales - Cash received from debtors - Closing Debtors + Bad debts written off + Discount allowed - Discount received. Plugging in the given values, we get: 4000 + Sales - 8500 - 1500 + 350 + 500 - 1000 = Sales. Solving for Sales, we get Sales = 6850.
Which of the following is used to record the disposal of a fixed asset? ...
The source document used to make entries in the purchase day book is ...
A class of preference shares in which dividend rights are carried forward is ...
On dissolution, the final distribution of cash to partners is based on? ...
Goodwill can be introduced when ...
An example of capital gain s ...
Which of the following items is found in the profit and loss account of a company? ...
Purchasers ledger control account can also be referred to as ...