Neco Model Questions Vol1 2021 Financial Accounting Question 5
Practice objective / multiple choice question 5 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The Sales Ledger Control Account had an opening balance of zero at the start of the month. During the month the following transactions occurred: credit sales of \(₦800,000\); sales returns (credit) of \(₦30,000\); bad debts written off of \(₦20,000\); and cash receipts from customers of \(₦600,000\). The subsidiary ledger shows that Customer X owes \(₦70,000\), Customer Y owes \(₦50,000\) and Customer Z owes \(₦30,000\). What is the closing balance of the Sales Ledger Control Account, and does it agree with the total of the subsidiary ledger? Answer with the closing balance and either "Yes" or "No".
Answer Options
About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 5. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.