Waec Model Questions Vol1 2017 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
The Sales Ledger for March shows the following entries: Opening balance Dr ₦150,000; Cash sales Cr ₦80,000; Credit sales Cr ₦120,000; Sales returns Dr ₦5,000; Receipts from debtors Dr ₦100,000. A discount allowed of ₦3,000 (credit) was omitted from the ledger. At month‑end a balancing figure is posted to bring the ledger to zero. What is the amount and side (debit or credit) of the balancing figure?
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 21. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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