JAMB Accounts Principles of Accounts 2015 Paper

Concept: Sales ledger control account summarises debtors’ transactions and closing balances.Explanation:Debit side: opening balance $N9,500$ + credit sales $N82,000$ + cash refunded to customers $N120$ + credit balance carried down $N120$ = $N91,740$.Credit side before balancing: opening credit balance $N420$ + discount allowed $N450$ = $N870$.Debit balance carried down = $N91,740 - N870 = N90,870$.So the amount brought down is: debit $N90,870$; credit $N120$.Answer: N90,870; N120 — Option C