The amount ₦16,378.50 described as "Bank" represents
A. receipts from trade debtors only B. cash sales for the month including discount C. receipts from all debtors of the business D. cash sales for the month excluding discount
Correct Answer: C
Explanation
Cheques received source is from bank/cash book. Therefore, the bank represent the receipts from all the debtors of the business. Since the account contains transactions related to all the trade receivable ( of all the debtors) in the business.
