Trial Balance as at 31 December 2021

	Debit $	Credit $
Capital (1 January 2021)		30 000
Drawings	1 675
Stock (1 January 2021)	13 000
Purchases	60 000
Debtors	3 800
Creditors		4 490
Sales		80 800
Premises	25 000
Office Equipment	3 500
Bank	1 655
Sales Returns	435
Purchases Returns		600
Salaries	6 000
Commission		2 700
Insurance	395
Advertising	1 350
Carriage inwards	240
Carriage outwards	400
Discount allowed	230
Discount received	140
Bad debt	300
Water and Electricity	750
	118 730	118 730

The following additional information is to be taken into account:

i. Stock on 31 December 2021 was valued at $12 500

ii. Accrued salaries amounted to $500.

iii. Prepaid insurance amounted to $125.

iv. Office Equipment is to be depreciated at 20% per annum.

What is the Net Sales?

Answer rating: 100% (QA)

Step 1 Total Sales It is the amount of goods sold by the business o... View the full answer