Given:Total cash received from debtors 30,000 Total purchases for the period 21,000 Amount owed by debtors at the beginning of the period 4,000 Equipment bo...
Question 1 Report
Given:Total cash received from debtors 30,000
Total purchases for the period 21,000
Amount owed by debtors at the beginning of the period 4,000
Equipment bought 2,500
Amount owed by debtors at the end of the period 3,000
Determine the value of sales for the period
Answer Details
To find the value of sales for the period, we need to use the following formula:
Total cash received from debtors + Amount owed by debtors at the end of the period - Amount owed by debtors at the beginning of the period = Value of sales for the period
Substituting the values given in the question, we get:
30,000 + 3,000 - 4,000 = Value of sales for the period
29,000 = Value of sales for the period
Therefore, the value of sales for the period is ₦29,000. Answer option A is correct.
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