Waec Model Questions Vol1 2017 Financial Accounting Question 22
Practice objective / multiple choice question 22 from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
A trial balance for XYZ Ltd. shows the following balances (amounts in Naira): Debit side - Cash ₦45,000; Purchases ₦30,000; Salaries ₦20,000. Credit side - Sales ₦80,000; Capital ₦25,000; Advertising Expense ₦7,000; Loans ₦5,000. The total of debits is ₦95,000 and the total of credits is ₦117,000. It is later discovered that the Advertising Expense of ₦7,000 was posted on the credit side instead of the debit side. After correcting this error, what balance (amount and side) will be transferred to the suspense account to balance the trial balance?
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About This Question
This is Waec Model Questions Vol1 2017 Financial Accounting Question 22. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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