Neco 2020 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2020 Neco Financial Accounting examination.
The Sales Ledger Control Account has an opening debit balance of ₦150,000. During the year the following transactions occurred: credit sales of ₦500,000; cash receipts from debtors of ₦420,000; sales returns of ₦30,000; and a write‑off of uncollectible debts amounting to ₦5,000. At year‑end a provision for doubtful debts equal to 2\% of the closing receivables is created. Determine the closing balance of the Sales Ledger Control Account.
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About This Question
This is Neco 2020 Financial Accounting Question 23. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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