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Zorluk: OrtaSales Ledger Control Account

At the end of a trading period, an enterprise compiled the following summary of credit transactions with its customers:

- Debtors balance at start: ₦45,000₦45,000
- Credit sales for the period: ₦120,000₦120,000
- Total receipts from debtors (cash and cheques): ₦113,000₦113,000
- Customer's cheque dishonoured: ₦4,000₦4,000
- Cash discount allowed to debtors: ₦3,500₦3,500
- Goods returned by credit customers: ₦2,500₦2,500
- Irrecoverable debts written off: ₦1,500₦1,500
- Set-off against purchases ledger: ₦2,000₦2,000
- Provision for doubtful debts created: ₦5,000₦5,000

What is the closing debit balance of the Sales Ledger Control Account?

  1. ₦47,000Cevap
  2. B
    ₦42,000
  3. C
    ₦39,000
  4. D
    ₦54,000

Cevap

The closing debit balance of the Sales Ledger Control Account is ₦47,000.
To find the closing balance of the Sales Ledger Control Account, total the debit entries (Opening Balance ₦45,000₦45,000 + Credit Sales ₦120,000₦120,000 + Dishonoured Cheque ₦4,000₦4,000 = ₦169,000₦169,000) and subtract all valid credit entries (Receipts ₦113,000₦113,000 + Discount Allowed ₦3,500₦3,500 + Sales Returns ₦2,500₦2,500 + Bad Debts ₦1,500₦1,500 + Contra Set-off ₦2,000₦2,000 = ₦122,000₦122,000). This leaves a closing debit balance of ₦47,000₦47,000. Note that Provision for Doubtful Debts is never entered into control accounts.

Adım Adım Çözüm

1
Calculate total debit side entries of the Sales Ledger Control Account
Total Debits = ₦45,000+₦120,000+₦4,000=₦169,000₦45,000 + ₦120,000 + ₦4,000 = ₦169,000
Opening debtors balance, credit sales, and dishonoured cheques increase the debt owed by credit customers and are debited to the account.
2
Calculate total credit side entries of the Sales Ledger Control Account
Total Credits = ₦113,000+₦3,500+₦2,500+₦1,500+₦2,000=₦122,000₦113,000 + ₦3,500 + ₦2,500 + ₦1,500 + ₦2,000 = ₦122,000
Receipts from debtors, discount allowed, sales returns, bad debts written off, and set-offs reduce customer indebtedness and are credited to the account.
3
Identify items to be excluded from the Sales Ledger Control Account
Exclude Provision for Doubtful Debts (₦5,000₦5,000)
Provisions for doubtful debts are recorded in the general ledger provision account, not in individual customer personal accounts or control accounts.
4
Determine the closing debit balance (Balance c/d)
Closing Balance = ₦169,000−₦122,000=₦47,000₦169,000 - ₦122,000 = ₦47,000
The closing debit balance is the excess of total debit entries over total credit entries.

Anahtar Kavram

Sales Ledger Control Account preparation and item classification
Tahmini Süre:1m 30s
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Sales Ledger Control Account

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