Use the following to answer the given question DEBTORS CONTROL ACCOUNT: \(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank &...

Assessment: WAEC SSCE - Financial Accounting - 1995 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
'X' refers to
Answer Details
In the given Debtors Control Account, 'X' is shown as a heading above the amount of N12,000. This indicates that N12,000 represents the total amount of credit sales made during the accounting period to the debtors. Hence, the correct answer is "sales".
Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)
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