JAMB Accounting 2007 Objective — Question 43

Question 43 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Given: Sales ledger - Bal. b/d 20,000; Sales ?; Sales return 10,000; Discount allowed 1,000. If cheques of #40,000 were received but a cheque of #8,000 was dishonoured, the amount owed was

A. #9,000
B. #20,000
C. #1,000
D. #17,000Correct

Explanation

Balance owed = (Bal b/d 20,000 + Sales 40,000 + Dishonoured cheque 8,000) - (Sales returns 10,000 + Discount allowed 1,000 + Bank 40,000) = 68,000 - 51,000 = #17,000.

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