Lagos Traders Ltd does not maintain full accounting records. The following information is available for the year ended 31 December 2023: Opening trade receivables ₦640,000; Closing trade receivables ₦910,000; Cash received from customers ₦7,350,000; Irrecoverable debts written off during the year ₦85,000; Discounts allowed to customers ₦45,000. What is the total revenue (credit sales) for the year?

Using the trade receivables control account: Opening receivables + Credit sales = Cash received + Irrecoverable debts written off + Discounts allowed + Closing receivables. Therefore: Credit sales = ₦7,350,000 + ₦85,000 + ₦45,000 + ₦910,000 - ₦640,000 = ₦7,750,000. All items that reduce the receivables balance (cash received, bad debts, discounts) are added, and the net movement in receivables is adjusted to derive total credit sales for the period.