Waec Model Questions Vol1 2018 Financial Accounting Question 8

ABC Trading maintains separate subsidiary ledgers for its customers (sales ledger) and suppliers (purchases ledger). The following information is available for the six‑month period ended 30 June 2023. **Sales Ledger (Customers)** | Customer | Opening Balance (₦) | Sales during period (₦) | Cash received (₦) | Returns (₦) | Trade discounts (₦) | |----------|----------------------|--------------------------|-------------------|------------|----------------------| | Alpha | 12,000 | 45,000 | 40,000 | 1,500 | 500 | | Beta | 8,000 | 30,000 | 25,000 | 1,000 | 300 | | Gamma | 5,000 | 20,000 | 18,000 | 500 | 200 | Total sales for the period: ₦95,000 Total cash receipts from customers: ₦83,000 Total returns from customers: ₦3,000 Total trade discounts allowed: ₦1,000 **Purchases Ledger (Suppliers)** | Supplier | Opening Balance (₦) | Purchases during period (₦) | Cash paid (₦) | Returns to supplier (₦) | Purchase discounts (₦) | |----------|----------------------|-----------------------------|---------------|------------------------|------------------------| | Delta | 15,000 | 50,000 | 45,000 | 2,000 | 800 | | Epsilon | 10,000 | 35,000 | 30,000 | 1,500 | 600 | | Zeta | 7,000 | 25,000 | 22,000 | 1,000 | 400 | Total purchases for the period: ₦110,000 Total cash payments to suppliers: ₦97,000 Total returns to suppliers: ₦4,500 Total purchase discounts received: ₦1,800 Using the above data, answer the following questions.