Gce Model Questions Vol1 2020 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
The Sales Ledger Control Account opened with a debit balance of \(12{,}000\). During the year the following transactions were recorded: credit sales of \(85{,}000\), cash receipts of \(60{,}000\), sales returns of \(3{,}000\), and discounts allowed of \(2{,}000\). At year‑end the total of the individual customer balances in the subsidiary ledger is \(30{,}500\). What is the amount by which the Sales Ledger Control Account balance differs from the total of the subsidiary ledger balances?
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 21. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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