PRC-1 · Chapter 3 · Question 55 of 100
The Trade Receivables account has an opening debit balance of Rs. 46,652. During the period, sales were Rs. 245,000, cash received was Rs. 165,900, and discount allowed was Rs. 1,200. What is the closing balance?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Rs. 124,552 Debit
Explanation
Closing balance = Opening (46,652) + Sales (245,000) - Cash received (165,900) - Discount allowed (1,200) = Rs. 124,552 Debit.
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