Question
Credit sales can be ascertained either by preparing the Total Debtors Account
or with the help of Memorandum Trading Account". Discuss.
Answer :
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Skip in 10
Credit sales can be ascertained either by preparing the Total Debtors Account or with the help of a Memorandum Trading Account. This situation generally arises when complete sales information is not directly available, particularly in the preparation of final accounts from incomplete records. Credit sales represent sales made on credit to customers, and they are an important component in determining the total sales of a business. The Total Debtors Account is a useful method for finding credit sales when information regarding opening and closing debtors and transactions affecting debtors is available. The account is prepared in the form of a ledger account. The opening balance of debtors is shown on the debit side because it represents the amount receivable at the beginning of the accounting period. Credit sales are also recorded on the debit side because they increase the amount due from customers. On the credit side,
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