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 | 60,000 | Credit Sales | 666,400 |
| Cash Received | 700,000 | Closing Receivables | 117,600 |
| Discount given to customers | 8,000 | ||
| Bad debt written off | 12,000 | ||
| Sales Returns from customers | 4,000 | ||
| Total | 784,000 | Total | 784,000 |
What is the sales figure when all the errors have been corrected?
Suggested Solution.
| Opening Receivables | 60,000 | Cash Received | 700,000 |
| Credit Sales | 666,400 | Discount given to customers | 8,000 |
| Bad debt written off | 12,000 | ||
| Sales Returns from customers | 4,000 | ||
| Closing Receivable | 2,400 | ||
| Total | 726,400 | Total | 726,400 |
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