Gce Model Questions Vol1 2024 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
The Trade Receivables ledger had an opening debit balance of \(\text{₦}45,000\). During the year the following journal entries were recorded: \n1. Sold goods on credit for \(\text{₦}80,000\) (cost of goods sold \(\text{₦}50,000\)).\n2. Received cash from a customer on account for \(\text{₦}30,000\).\n3. Allowed a sales return of \(\text{₦}5,000\) (cost of returned goods \(\text{₦}3,000\)).\n4. Bad debts written off amounting to \(\text{₦}2,000\).\n\nAfter posting all these entries, what is the closing debit balance of the Trade Receivables account?
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This is Gce Model Questions Vol1 2024 Financial Accounting Question 20. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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