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FAC1502-25-EX06C
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Indicate by choosing the correct option whether the following statement is true or false:
One of the steps to calculate sales if no distinction can be made between cash and credit sales, if you want to convert a single-entry system into a double-entry system where minimal records are kept, is to calculate the amounts with the aid of the trade receivables control account.
Use the information provided below to calculate the cost of sales:
|
R
|
Opening inventory
|
160 000
|
Purchases
|
240 000
|
Sales returns
|
39 000
|
Settlement discount granted
|
45 000
|
Import duties
|
52 000
|
Settlement discount received
|
63 000
|
Closing inventory
|
230 000
|
Instructions:
1. Use a full stop to indicate any decimals
2. Round off to the
3. Only show the amount,
do not show the R(eg:
12141.72)