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 50,000 Credit Sales 237,150
Cash Received 200,000 Closing Receivables 41,850
Discount given to customers 4,000
Bad debt written off 16,000
Sales Returns from customers 9,000
Total 279,000 Total 279,000

What is the sales figure when all the errors have been corrected?

Suggested Solution.

Opening Receivables 50,000 Cash Received 200,000
Credit Sales 237,150 Discount given to customers 4,000
Bad debt written off 16,000
Sales Returns from customers 9,000
Closing Receivable 58,150
Total 287,150 Total 287,150

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