Given the following information of ABC Ltd. for the financial year 2024-25, calculate the total amount of credit sales for the year 2024-25.
Given the following information of ABC Ltd. for the financial year 2024-25, calculate the total amount of credit sales for the year 2024-25.
Particulars | Amount (₹)
Opening Balance of Sundry Debtors | 50,000.00
Closing Balance of Sundry Debtors | 60,000.00
Cash Collected from Debtors | 6,00,000.00
Discount allowed to Debtors | 10,000.00
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Correct answer: (A) ₹6,20,000.00
Explanation
Credit sales = closing debtors + cash collected + discount allowed − opening debtors = 60,000 + 6,00,000 + 10,000 − 50,000 = ₹6,20,000.