Neco Model Questions Vol1 2018 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
The Sales ledger for the month shows an opening credit balance of \(\N500,000\). During the month the company recorded cash sales of \(\N200,000\) and credit sales of \(\N150,000\). Sales returns amounting to \(\N30,000\) were posted to the Sales Returns account (debit). A trade discount of 5% was allowed on all credit sales and recorded in the Discount Allowed account (debit). What is the closing credit balance of the Sales account after posting the returns and discount?
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 13. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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