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Zorluk: KolayDebtors and Creditors Control Accounts for Missing Figures

Emeka, a sole proprietor who maintains incomplete accounting records, extracted the following details regarding his trade debtors for the financial year:

- Opening Trade Debtors: ₦15,000
- Cash collected from trade debtors: ₦50,000
- Discount allowed to trade debtors: ₦2,000
- Closing Trade Debtors: ₦20,000

What is the total amount of credit sales for the year?

  1. A
    ₦47,000
  2. B
    ₦53,000
  3. C
    ₦55,000
  4. ₦57,000Cevap

Cevap

The total amount of credit sales for the year is ₦57,000.
The Sales Ledger Control Account summarizes all transactions affecting trade debtors. Credit sales are computed as Closing Debtors (₦20,000)+Cash Received (₦50,000)+Discount Allowed (₦2,000)−Opening Debtors (₦15,000)=₦57,000\text{Closing Debtors (₦20,000)} + \text{Cash Received (₦50,000)} + \text{Discount Allowed (₦2,000)} - \text{Opening Debtors (₦15,000)} = ₦57,000.

Adım Adım Çözüm

1
Identify the double-entry components of the Sales Ledger Control Account
Debit side: Opening Balance + Credit Sales. Credit side: Cash Collected + Discount Allowed + Closing Balance.
Debtors are assets, so opening balance and credit sales increase debtors on the debit side, while cash receipts, discounts, and closing balance decrease debtors on the credit side.
2
Calculate the total of the credit side of the control account
Credit Side Total=₦50,000+₦2,000+₦20,000=₦72,000\text{Credit Side Total} = ₦50,000 + ₦2,000 + ₦20,000 = ₦72,000
Summing cash collected, discount allowed, and closing trade debtors gives the total credit entries needed to balance the account.
3
Deduct the opening debtors balance to find missing credit sales
Credit Sales=₦72,000−15,000=₦57,000\text{Credit Sales} = ₦72,000 - 15,000 = ₦57,000
Reconstructing the equation: Credit Sales=Closing Debtors+Cash Received+Discount Allowed−Opening Debtors\text{Credit Sales} = \text{Closing Debtors} + \text{Cash Received} + \text{Discount Allowed} - \text{Opening Debtors}.

Anahtar Kavram

Sales Ledger Control Account Reconstruction
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Konular

Debtors and Creditors Control Accounts for Missing Figures

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