Gce Model Questions Vol1 2023 Financial Accounting Question 50

Practice objective / multiple choice question 50 from the 2023 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 50 GCE_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

For the year ended 31 March, the following information is available for the trade receivables control account:\n- Credit sales: \(150,000\)\n- Sales returns: \(5,000\)\n- Cash receipts from debtors: \(120,000\)\n- Discount allowed: \(2,000\)\nThe ledger of Debtor A shows: opening balance \(3,000\), sales to A \(12,000\), returns from A \(500\), cash received from A \(10,000\), discount received \(200\).\nCalculate (i) the closing balance of the trade receivables control account and (ii) the amount owed by Debtor A at year‑end.

Answer Options

A. Control account closing balance £22,000; Debtor A owes £4,500
Correct Answer B. Control account closing balance £23,000; Debtor A owes £4,300
C. Control account closing balance £23,500; Debtor A owes £4,200
D. Control account closing balance £24,000; Debtor A owes £4,100
Correct Answer
B
Correct Option:
Control account closing balance £23,000; Debtor A owes £4,300

About This Question

This is Gce Model Questions Vol1 2023 Financial Accounting Question 50. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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