| 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
-
A.
N13,000 -
B.
N10,000 -
C.
N 6,000 -
D.
N3,000
Correct Answer: Option A
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