JAMB Accounting 2010 Objective — Question 21
Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2010 Objective paper, with the correct answer and a full explanation.
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Use the information below to answer questions 21 and 22 Sales Ledger Control Account: Balance b/d 87,000; Credit sales ?; Bills receivable 50,000; Dishonoured 58,000; Dishonoured cheques 50,000; Discount allowed 40,000; Cash received 280,000; Returns inwards 30,000; Balance c/d ?. Credit sales is given at 160% of cash received. 21. What is the balance c/d? A. 333,000 B. 234,000 C. 343,000 D. 243,000
- A. 333,000
- B. 234,000
- C. 343,000
- D. 243,000Correct
Explanation
Credit sales = 160% x N280,000 = N448,000. Total debits = 87,000+448,000+58,000+50,000 = 643,000. Total known credits = 40,000+50,000+280,000+30,000 = 400,000. Balance c/d = 643,000-400,000 = N243,000.
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