Neco Model Questions Vol1 2022 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
A company's Sales ledger shows an opening credit balance of ₦120,000. During the month the company recorded cash sales of ₦45,000 and credit sales of ₦30,000. Returns outwards amounting to ₦5,000 were posted. At month‑end an adjusting entry for estimated sales returns equal to (2\%\) of the total credit sales (cash plus credit) is required. What is the closing credit balance of the Sales ledger after posting the adjusting entry?
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 46. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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