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 &...
Question 1 Report
Use the following to answer the given question
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)
The closing balance balance is a
Answer Details
The closing balance of the debtors control account is a current asset. A current asset is an asset that is expected to be realized or consumed within a year or an operating cycle of a business. In this case, the closing balance of the debtors control account represents the amount owed to the business by its debtors, which is expected to be received within a year or operating cycle. Therefore, it is classified as a current asset on the balance sheet of the business.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning