Neco Model Questions Vol1 2023 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The Trade Receivables Control Account of ABC Co. shows an opening balance of \(50,000\) (debit). During the year the subsidiary ledger recorded the following transactions that have not yet been posted to the control account:\n\n- Credit sales to customers: \(180,000\).\n- Cash receipts from customers (as shown in the cash book): \(130,000\).\n- Sales returns recorded in the returns journal: \(12,000\).\n\nIf the control account is to be balanced at year end, what should be the closing balance (debit or credit) and its amount in the Trade Receivables Control Account?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 7. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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