WAEC Accounting 2020 Objective — Question 47

Question 47 of 50 from the West African Examinations Council (WAEC) Accounting 2020 Objective paper, with the correct answer and a full explanation.

(Discount allowed N2,000; Bad debts N1,000; Cheque received from customers N24,000; Returns inwards N500; Sales ledger balance at the beginning N2,000.) The amount of sales is

A. N29,500Correct
B. N26,000
C. N25,000
D. N24,000

Explanation

Sales = Opening sales ledger balance + Cheque received from customers + Discount allowed + Bad debts + Returns inwards = N(2,000+24,000+2,000+1,000+500) = N29,500.

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