The following financial transactions and balances were extracted from the accounting records of Adeola Enterprises for the year ended 31st December 2024:
| Item / Transaction | Amount () |
|---|---|
| Sales ledger balance at 1st Jan 2024 (Debit) | 45,000 |
| Sales ledger balance at 1st Jan 2024 (Credit) | 1,200 |
| Total credit sales | 185,000 |
| Cash refunds paid to credit customers | 3,400 |
| Dishonoured cheques from customers | 4,500 |
| Bad debts written off | 5,200 |
| Discount allowed to customers | 2,800 |
| Provision for doubtful debts created | 4,000 |
| Contra entry (set-off against Purchases Ledger) | 6,500 |
| Sales returns and allowances | 3,100 |
| Sales ledger balance at 31st Dec 2024 (Credit) | 1,800 |
| Sales ledger balance at 31st Dec 2024 (Debit) | 52,600 |
What was the total amount of cash and cheques received from debtors during the year?
- ₦168,300Cevap
- B₦164,300
- C₦161,500
- D₦173,900
Cevap
₦168,300
The correct figure of ₦168,300 is obtained by setting up the Sales Ledger Control Account. The debit side consists of Opening Debit Balance (₦45,000), Credit Sales (₦185,000), Cash Refunds to Debtors (₦3,400), Dishonoured Cheques (₦4,500), and Closing Credit Balance (₦1,800), totaling ₦239,700. The known credit items are Opening Credit Balance (₦1,200), Bad Debts (₦5,200), Discount Allowed (₦2,800), Contra Set-off (₦6,500), Sales Returns (₦3,100), and Closing Debit Balance (₦52,600), totaling ₦71,400. Subtracting ₦71,400 from ₦239,700 gives ₦168,300 as the cash received. Provision for doubtful debts is completely excluded.
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Anahtar Kavram
Sales Ledger Control Account Reconstruction