₦ |
|
Debtors opening |
4000 |
Debtors closing | 1500 |
Cash received from debtors |
8500 |
Bad debts written off |
350 |
Discount allowed | 500 |
Discount received | 1000 |
What is the amount of sales for the year?
The amount of sales for the year is calculated using the formula: Opening Debtors + Sales - Cash received from debtors - Closing Debtors + Bad debts written off + Discount allowed - Discount received. Plugging in the given values, we get: 4000 + Sales - 8500 - 1500 + 350 + 500 - 1000 = Sales. Solving for Sales, we get Sales = 6850.
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