Neco 2024 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2024 Neco Financial Accounting examination.
The Sales Ledger Control account shows an opening debit balance of ₦80,000. During the month the following entries were posted: credit sales of ₦180,000, sales returns of ₦10,000, trade discounts allowed of ₦5,000 and cash receipts from customers of ₦150,000. At month‑end the control account shows a debit balance of ₦130,000. The subsidiary ledger of individual customers, however, shows total outstanding balances of ₦130,000. Assuming all other entries are correct, determine the amount of credit sales that were omitted from the control account during the month.
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About This Question
This is Neco 2024 Financial Accounting Question 42. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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