Accounting · Control Accounts and Subsidiary Ledgers
During the transition month to an automated ERP system, a bank extracted the following data: Total credit sales as per Sales Book: 50,00,000 Returns Inward: 2,00,000 Cash received from debtors: 40,00,000 Discount allowed to debtors: 50,000 Bad debts written off: 25,000 A set-off agreement was reached for a customer who owed 1,00,000 and was also a supplier to whom the bank owed 80,000. Closing balance of Debtors as per Individual Ledger: 6,45,000 Calculate the closing balance of the Sales Ledger Control Account and identify if there is a discrepancy with the individual ledger.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Control Account Balance: 6,70,000; Discrepancy of 25,000
- 2Control Account Balance: 6,45,000; Discrepancy of 1,00,000
- 3Control Account Balance: 7,25,000; Discrepancy of 80,000
- 4Control Account Balance: 6,45,000; No discrepancy✓
Correct answer
Control Account Balance: 6,45,000; No discrepancy
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