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Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will give
- a)Bills received during the year.
- b)Cash received from debtors.
- c)Closing balance of bill receivable.
- d)None of these.
Correct answer is option 'B'. Can you explain this answer?
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Explanation:
Total Debtors Account is a ledger account, which is used to record all the transactions related to the sale of goods on credit to debtors. The opening balance of debtors account represents the amount due from debtors at the beginning of the accounting period, while the closing balance of debtors account represents the amount due from debtors at the end of the accounting period.
The balancing figure of Total Debtors Account is calculated by adding the opening balance of debtors, credit sales during the period, and deducting the closing balance of debtors. This balancing figure represents the total amount of cash received from debtors during the accounting period.
Therefore, option B is the correct answer because the balancing figure of Total Debtors Account represents the amount of cash received from debtors during the accounting period.
In summary, the following points explain why option B is the correct answer:
- Total Debtors Account records all transactions related to the sale of goods on credit to debtors.
- The balancing figure of Total Debtors Account is calculated by adding the opening balance of debtors, credit sales during the period, and deducting the closing balance of debtors.
- The balancing figure represents the total amount of cash received from debtors during the accounting period.
- Therefore, option B is the correct answer.
Total Debtors Account is a ledger account, which is used to record all the transactions related to the sale of goods on credit to debtors. The opening balance of debtors account represents the amount due from debtors at the beginning of the accounting period, while the closing balance of debtors account represents the amount due from debtors at the end of the accounting period.
The balancing figure of Total Debtors Account is calculated by adding the opening balance of debtors, credit sales during the period, and deducting the closing balance of debtors. This balancing figure represents the total amount of cash received from debtors during the accounting period.
Therefore, option B is the correct answer because the balancing figure of Total Debtors Account represents the amount of cash received from debtors during the accounting period.
In summary, the following points explain why option B is the correct answer:
- Total Debtors Account records all transactions related to the sale of goods on credit to debtors.
- The balancing figure of Total Debtors Account is calculated by adding the opening balance of debtors, credit sales during the period, and deducting the closing balance of debtors.
- The balancing figure represents the total amount of cash received from debtors during the accounting period.
- Therefore, option B is the correct answer.
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Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of Total Debtors Account will givea)Bills received during the year.b)Cash received from debtors.c)Closing balance of bill receivable.d)None of these.Correct answer is option 'B'. Can you explain this answer?
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