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 | 90,000 | Credit Sales | 356,150 |
| Cash Received | 300,000 | Closing Receivables | 62,850 |
| Discount given to customers | 7,000 | ||
| Bad debt written off | 18,000 | ||
| Sales Returns from customers | 4,000 | ||
| Total | 419,000 | Total | 419,000 |
What is the sales figure when all the errors have been corrected?
Suggested Solution.
| Opening Receivables | 90,000 | Cash Received | 300,000 |
| Credit Sales | 356,150 | Discount given to customers | 7,000 |
| Bad debt written off | 18,000 | ||
| Sales Returns from customers | 4,000 | ||
| Closing Receivable | 117,150 | ||
| Total | 446,150 | Total | 446,150 |
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