Dr. Sales Ledger Control Account . Cr ₦₦Bal. b/f3,250Bal. b/f.215Sales19,075Bank16,387.50Dishonoured cheque625Discount862.50Stopped cheque250Returns…

JAMB Accounting 2023 54 views

Dr. Sales Ledger Control Account . Cr ₦₦Bal. b/f3,250Bal. b/f.215Sales19,075Bank16,387.50Dishonoured cheque625Discount862.50Stopped cheque250Returns…

Dr. Sales Ledger Control Account . Cr

₦ ₦
Bal. b/f 3,250 Bal. b/f. 215
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
23,430 23430
Bal b/d 4,740 Bal b/d 230
  1. cash sales for the month excluding discount
  2. cash sales for the month including discount
  3. receipts from all debtors of the business ✓
  4. receipts from trade debtors only

Explanation

The “Bank” entry on the credit side shows money received from customers who owed the business. This is the total cash collected from all debtors during the period.

This isn’t about cash sales, which are recorded differently. Cash sales go directly to sales account. This entry specifically tracks collections from people who bought on credit earlier.

Remember: Sales ledger control tracks credit customers. Bank entry shows how much they actually paid.

pastquestions.ng