Neco 2021 Financial Accounting Question 8

ABC Enterprises maintains a sales ledger (receivables) and a purchases ledger (payables). The following extracts are provided for the month ended 30 June 2021. **Sales Ledger Control Account (as shown in the trial balance)**\nOpening balance (debit).....................₦ 540,000\nCredit sales recorded in the period...........₦ 820,000\nSales returns (debit).........................₦ 30,000\nDiscounts allowed (debit)....................₦ 12,000\nCash receipts recorded in the cash book........₦ 730,000\nClosing balance (debit)......................₦ 588,000\n\n**Individual customer balances (excerpt)**\n- Alpha Ltd: ₦ 150,000\n- Beta Co.: ₦ 120,000\n- Gamma Traders: ₦ 95,000\n- Delta Services: ₦ 78,000\n- Epsilon Ltd.: ₦ 145,000\nTotal of the above customers = ₦ 588,000\n\n**Additional information**\n1. A sale of ₦ 25,000 to Beta Co. was posted twice in the sales ledger.\n2. A cash receipt of ₦ 18,000 from Alpha Ltd. was mistakenly credited to Gamma Traders.\n3. Discount of ₦ 4,000 allowed to Delta Services was omitted from the control account but recorded in the subsidiary ledger.\n4. A credit note of ₦ 6,000 issued to Epsilon Ltd. for returned goods was recorded in the control account but not reflected in the subsidiary ledger.\n5. The trial balance shows the control account closing balance as ₦ 588,000 (debit).\ Using the information above, answer the following questions.