Neco Model Questions Vol1 2020 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The Trade Receivables Control Account for a company shows:\n\n- Opening balance: \(\text{₦}120\,000\)\n- Cash received from debtors during the year: \(\text{₦}260\,000\)\n- Trade discounts allowed: \(\text{₦}6\,000\)\n- Returns inwards: \(\text{₦}12\,000\)\n- Closing balance: \(\text{₦}140\,000\)\n\nThe total sales (cash and credit) for the year were \(\text{₦}420\,000\). Determine the amount of credit sales recorded during the year.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 34. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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