04-12-2007, 07:43 PM
Q6On 1 oct 2002,the debtors balance at G ltd was 80,000.a summary of the transactions in the month of oct is set out below
Cheques received $100,000
Contra creditors 6,000
Sales 90,000
Returns inwards 4,000
Discounts allowed 10,000
The debtors balance at 31 oct was?
SUGGESTED ANSWER
Opening balance = 80,000$
Add
Sales net of sales return {90,000-4000) = 86,000$
Less
Cheques received = 100,000$
Contra creditors = 6,000$
Discount allowed = 10,000$
=
Closing balance of debtors as at 31 October = 50,000$
THE CLOSING DEBTORS WOULD BE OF 50,000$.
Cheques received $100,000
Contra creditors 6,000
Sales 90,000
Returns inwards 4,000
Discounts allowed 10,000
The debtors balance at 31 oct was?
SUGGESTED ANSWER
Opening balance = 80,000$
Add
Sales net of sales return {90,000-4000) = 86,000$
Less
Cheques received = 100,000$
Contra creditors = 6,000$
Discount allowed = 10,000$
=
Closing balance of debtors as at 31 October = 50,000$
THE CLOSING DEBTORS WOULD BE OF 50,000$.
