Neco Model Questions Vol1 2024 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
During the year a company recorded credit sales of \(\text{₦}800,000\). Trade discounts allowed were \(5\%\) of credit sales. Cash receipts from debtors amounted to \(\text{₦}540,000\) and sales returns were \(\text{₦}30,000\). Bad debts written off during the year totalled \(\text{₦}12,000\). The opening balance of the Sales Ledger Control Account was \(\text{₦}50,000\). Determine the closing balance (debtors) in the Sales Ledger Control Account at year‑end.
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This is Neco Model Questions Vol1 2024 Financial Accounting Question 42. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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