Waec Model Questions Vol1 2018 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The Sales Ledger Control Account had an opening debit balance of ₦150,000. During the month the following transactions were recorded: credit sales of ₦420,000, cash receipts from debtors of ₦300,000, sales returns of ₦12,000, discount allowed on early payment of ₦5,000 and a bad‑debt written off of ₦7,000. Cash sales are not recorded in the control account. What is the closing balance of the Sales Ledger Control Account and is it a debit or credit balance?
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About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 6. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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