Dr. Sales Ledger Control Account . Cr N N Bal b/f 3,250 Bal b/f 125
FINANCIAL
JAMB 2023
Dr. Sales Ledger Control Account . Cr
| N | N | ||
| Bal b/f | 3,250 | Bal b/f | 125 |
| 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 | ||
| 23430 | 23430 | ||
| Bal b/d | 4740 | Bal b/d | 230 |
The amount N19,075 represents
- A. the double entry for the total sales account
- B. total sales for the month
- C. credit sales
- D. cash sales for the month
Correct Answer: C. credit sales
Explanation
The amount N19,075 represents credit sales. In the Sales Ledger Control Account, the 'Sales' line item typically represents credit sales made during the period. Cash sales would usually be recorded directly in the bank or cash account, not in the sales ledger control account. The sales ledger control account is used to record transactions with credit customers, including sales, payments, returns and discounts.
Post an Explanation Or Report an Error
If you see any wrong question or answer, please leave a comment below and we'll take a look. If you doubt why the selected answer is correct or need additional more details? Please drop a comment or Contact us directly. Your email address will not be published. Required fields are marked *