N N Bal. b/f 3,250 Bal. b/f. 215 Sales 19,075 Bank 16,387.50 Dishonoured cheque 625
FINANCIAL
JAMB 2023
| N | N | ||
Bal. b/f | 3,250 | Bal. b/f. | 215 |
Sales | 19,075 | Bank | 16,387.50 |
Dishonoured cheque | 625 | Discount | 862.50 |
Stopped cheque | 250 | Returns inwards | 325 |
Bal c/d | 230 | Set off | 900 |
| Bal c/d | 4740 | ||
| 23,430 | 23430 | ||
Bal b/d | 4740 | Bal b/d | 230 |
Dr. Sales Ledger Control Account . Cr
The amount N16,378.50 described as "Bank" represents
- A. receipts from trade debtors only
- B. cash sales for the month including discount
- C. receipts from all debtors of the business
- D. cash sales for the month excluding discount
Correct Answer: C. receipts from all debtors of the business
Explanation
Cheques received source is from bank/cash book. Therefore, the bank represent the receipts from all the debtors of the business. Since the account contains transactions related to all the trade receivable ( of all the debtors) in the business.
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