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  ₦ Debtors opening 4000 Debtors closing 1500 Cash received from debtors 8500 Bad debts...

Accounts - Principles of Accounts
JAMB 2023

 

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?

 

 

  • A. ₦6850
  • B. ₦6650
  • C. ₦3850
  • D. ₦1550
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Correct Answer: Option A
Explanation

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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995