Dr. Sales Ledger Control Account . Cr
Dr. Sales Ledger Control Account . Cr
| ₦ |
₦ |
||
| 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 ₦19,075 represents
The double entry for the total sales account
Total sales for the month
Credit sales
Cash sales for the month
Correct answer is C
The amount ₦19,075 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.
The costs of acquiring fixed assets and bringing them into the firm is a ...
The accumulated fund for a not-for-profit making organization is ...
Return inwards was understated. The effect is that ...
A part of public company's profits belonging to the shareholders is ...
Which of the following expenses is allocated according to the floor area? ...
Which of the following is a nominal account? ...
When closing stock is undervalued, the cost of goods sold would be ...