Dr. Sales Ledger Control Account . Cr ₦ ₦ Bal b/f 3,250 Bal b/f 125 Sales 19,075 Bank 16,387.50 Dishonoured cheque 625 Discount 862.50 Stopped cheque 250 Re...

Assessment: JAMB UTME - Principles of Accounts - 2023 Subject: Financial Accounting

Question 1 Report

Dr. Sales Ledger Control Account . Cr

	₦		₦
Bal b/f	3,250	Bal b/f	125
Sales	19,075	Bank	16,387.50
Dishonoured cheque	625	Discount	862.50
Stopped cheque	250	Returns inwards	325
Bal c/d	230	Set off	900
		Bal c/d	4740
	23430		23430
Bal b/d	4740	Bal b/d	230

The amount ₦19,075 represents

the double entry for the total sales account

total sales for the month

credit sales

cash sales for the month

Answer Details

The amount ₦19,075 represents credit sales. In the Sales Ledger Control Account, the 'Sales' line item typically represents credit sales made during the period. Cash sales would usually be recorded directly in the bank or cash account, not in the sales ledger control account. The sales ledger control account is used to record transactions with credit customers, including sales, payments, returns and discounts

Read lesson note on Control Accounts And Self-balancing Ledgers (JAMB)

Control Accounts And Self-balancing Ledgers

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Dr. Sales Ledger Control Account . Cr ₦ ₦ Bal b/f 3,250 Bal b/f 125 Sales 19,075 Bank 16,387.50 Dishonoured cheque 625 Discount 862.50 Stopped cheque 250 Re...

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