JAMB Accounting 2018 Objective — Question 18

Question 18 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.

Given: Purchase's ledger opening balance #4,000, Sales ledger opening balance #6,000, Credit purchases #25,000, Discounts allowed #1,000, Returns inwards #2,000, Credit sales during the year #10,000, Returns outwards #6,000. Calculate the sales ledger balance

A. #13,000Correct
B. #10,000
C. #6,000
D. #3,000

Explanation

Sales ledger control account: bal b/d 6,000 + credit sales 10,000 = 16,000 total debit; less discount allowed 1,000 and returns inwards 2,000 = balance c/d #13,000.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Accounting 2018 Objective More Accounting past papers