Neco 2017 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2017 Neco Financial Accounting examination.
Control Account - Receivables (Medium) The Receivables Control Account had an opening balance of \(₦120,000\) at the start of the month. During the month the following transactions occurred: - Credit sales of \(₦250,000\). - Cash sales of \(₦30,000\) (recorded in the sales journal). - Sales returns amounting to \(₦5,000\). - Trade discounts allowed totalling \(₦3,000\). - Total cash received from debtors recorded in the cash book was \(₦200,000\), which inadvertently includes the cash sales. Determine the closing balance of the Receivables Control Account at month‑end.
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About This Question
This is Neco 2017 Financial Accounting Question 11. It is one of the objective questions from the 2017 Neco Financial Accounting examination.
Difficulty level: Medium .
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