Waec Model Questions Vol1 2020 Financial Accounting Question 8

The following information relates to the sales and purchases of XYZ Trading Ltd. for the month of March 2023. - Opening balance of the Sales Ledger Control Account: ₦120,000 (debit). - Credit sales during the month: ₦340,000. - Cash received from customers: ₦300,000. - Sales returns (goods returned by customers): ₦18,000. - Trade discount allowed to customers: ₦12,000. - Closing balance of the Sales Ledger Control Account: to be determined. - Opening balance of the Purchases Ledger Control Account: ₦45,000 (credit). - Credit purchases during the month: ₦210,000. - Cash paid to suppliers: ₦190,000. - Purchase returns (goods returned to suppliers): ₦9,000. - Trade discount received from suppliers: ₦7,500. - Closing balance of the Purchases Ledger Control Account: to be determined. Using the above data, answer the questions that follow.