The following transactions were extracted from the books of Adamu, a sole trader for the month of March 2016.
March 4: Sold 80 bags of maize on credit to Papuk at N255 per bag subject to a trade discount of 5%.
March 10: Sold goods on credit to Abass for N1,170.
March 15: Received a cheque from Papuk for the amount due, less a discount of 10%.
March 20: Received cash of N900 from Abass.
You are required to prepare:
(a) Sales Journal;
(b) Customers' Accounts in the Sales Ledger;
(c) Sales Ledger Control Account
March 4: Sold 80 bags of maize on credit to Papuk at N255 per bag subject to a trade discount of 5%.
March 10: Sold goods on credit to Abass for N1,170.
March 15: Received a cheque from Papuk for the amount due, less a discount of 10%.
March 20: Received cash of N900 from Abass.
You are required to prepare:
(a) Sales Journal;
(b) Customers' Accounts in the Sales Ledger;
(c) Sales Ledger Control Account
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Correct Answer: Option
Explanation:
Adamu
(b) Papuk Account
Abass Account
Sales ledger control account
Adamu
| Dr | Sales journal | Cr | |
| Date | Particulars | Details (N) | Total (N) |
| March 4 | Papuk 80 bags of rice @ N255 per bagLess: 5% discount | 20,4001,020 | 19,380 |
| March 10 | Abass - GoodsTransferred to sales account | 1,17020,550 |
(b) Papuk Account
| Dr (N)2016 march 4: sales 19,380 19,380 | Cr (N)2016 march 15: Bank 17,442Discount allowed 1,938 19,380 |
Abass Account
| Dr2016 march 10: sales 1,170 1,170April 1 Balance b/d 270 | Cr2016 march 20: cash 900 30: Balance c/d 270 1,170 |
Sales ledger control account
| Dr2016March 31: sales 20,550 20,550 April 1: Balance b/d 270 | Cr2016March 31: Bank 20,550 Cash 900Discount allowed 1,938Balance c/d 270 20,550 |