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JAMB - Accounts Principles Of Accounts (2018 - No. 66)

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

  N
Purchase ledger opening balance 4,000
sales ledger opening balance 6,000
credit purchase 25,000
Discounts allowed 1,000
Returns inwards 2,000
Credit sales during the year 10,000
Return outwards 6,000

Use the information above to answer the following question;

calculate the sales ledger balance
N13,000
N10,000
N 6,000
N3,000

Explanation

The Sales Ledger is your record of sales, and whether or not you have received the money, and how much you are still owed. From the table above, it is derived as;  

sales opening balance - discount allowed - returns inwards + credit sales. 6,000 - 1,000 - 2,000 = 3,000 + 10,000 = 13,000

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