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 | 654,500 |
| Cash Received | 700,000 | Closing Receivables | 115,500 |
| Discount given to customers | 3,000 | ||
| Bad debt written off | 2,000 | ||
| Sales Returns from customers | 5,000 | ||
| Total | 770,000 | Total | 770,000 |
What is the sales figure when all the errors have been corrected?
Suggested Solution.
| Opening Receivables | 60,000 | Cash Received | 700,000 |
| Credit Sales | 654,500 | Discount given to customers | 3,000 |
| Bad debt written off | 2,000 | ||
| Sales Returns from customers | 5,000 | ||
| Closing Receivable | 4,500 | ||
| Total | 714,500 | Total | 714,500 |
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