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A provision for bad debt account had N33,800 at the beginning of the year and...

Accounts - Principles of Accounts
JAMB 2018

A provision for bad debt account had N33,800 at the beginning of the year and N4,220 at the close of the year. If bad debts are calculated at the rate of 1/20% of annual credit sales, what was the credit sales for the period?

  • A. N210,000
  • B. N844,400
  • C. N840,000
  • D. N500,000
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Correct Answer: Option B
Explanation

1/20 * 844400 = 4220

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JAMB CBT 2024 - Candidates, Schools, Centres, Resellers - Get Ready!
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
JAMB CBT Mobile App 2024 - Free Download
JAMB CBT 2024 - Candidates, Schools, Centres, Resellers - Get Ready!
JAMB CBT Mobile App 2024 - Free Download
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995