₦ Debtors opening 4000 Debtors closing 1500 Cash received from debtors 8500 Bad debts written off 350 Discount allowed 500 Discount received 1000 What is th...
Assessment:JAMB UTME - Principles of Accounts - 2023Subject:Financial Accounting
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.