ACCA F3 Sales
A trainee accountant has prepared the following receivables ledger total account to calculate the credit sales of a business which does not keep proper accounting records (all sales are on credit):
| Opening Receivables | 40,000 | Credit Sales | 130,900 |
| Cash Received | 100,000 | Closing Receivables | 23,100 |
| Discount given to customers | 4,000 | ||
| Bad debt written off | 8,000 | ||
| Sales Returns from customers | 2,000 | ||
| Total | 154,000 | Total | 154,000 |
What is the sales figure when all the errors have been corrected?
Suggested Solution.
| Opening Receivables | 40,000 | Cash Received | 100,000 |
| Credit Sales | 130,900 | Discount given to customers | 4,000 |
| Bad debt written off | 8,000 | ||
| Sales Returns from customers | 2,000 | ||
| Closing Receivable | 56,900 | ||
| Total | 170,900 | Total | 170,900 |
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