Mr. Chukwuma operates a retail business with incomplete accounting records. The following financial details were extracted regarding his cash transactions for the year ended 31 December 2025:
| Transaction / Account Detail | Amount () |
|---|---|
| Cash balance as at 1 January 2025 | |
| Cash balance as at 31 December 2025 | |
| Cash banked from daily receipts | |
| Operating expenses paid directly from cash receipts | |
| Proprietor's cash drawings taken before banking | |
| Cash paid to trade creditors | |
| Cash received from sale of old equipment | |
| Cash discounts allowed to trade debtors |
Based on the cash summary analysis, what is the total cash receipts from sales for the year ended 31 December 2025?
Cevap: 478800 Naira
Cevap
The total cash receipts from sales for the year ended 31 December 2025 is ₦478,800.
To find the missing cash receipts from sales, reconstruct the Cash Summary Account by balancing debit and credit entries. The total credit side comprises all cash payments (banked takings of ₦385,000, operating expenses of ₦32,600, drawings of ₦24,000, payments to creditors of ₦48,500) plus the closing cash balance (₦22,100), totaling ₦512,200. Subtracting the opening cash balance (₦15,400) and the non-sales cash receipt from selling old equipment (₦18,000) gives the missing cash sales of ₦478,800. Discounts allowed are non-cash items and must be omitted entirely.
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Cash Summary Analysis for Missing Figures in Incomplete Records