Question on: JAMB Accounting - 2022
Given:
Total debtors b/d 31/12/99...............N25 000
Cheques received from debtors ...........N255 000
Total debtors c/d 31/12/00...............N15 000
Determine the sales figure?
N295 000
N265 000
N245 000
N215 000
To determine the sales figure, you need to calculate the change in the total debtors balance from the beginning of the period to the end of the period. The formula to calculate sales is:
Sales = Total debtors b/d + Cheques received from debtors - Total debtors c/d
Given the information:
Total debtors b/d (beginning balance) = N25,000
Cheques received from debtors = N255,000
Total debtors c/d (closing balance) = N15,000
Now, plug these values into the formula:
Sales = N25,000 (beginning balance) + N255,000 (cheques received) - N15,000 (closing balance) = N265,000
So, the sales figure is N265,000.
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