Waec Model Questions Vol1 2021 Financial Accounting Question 10
Practice objective / multiple choice question 10 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
The Machinery ledger shows an opening debit balance of ₦150,000. During the period the following entries were posted to the Machinery account: 1. Purchase of new machinery on credit: ₦45,000. 2. Sale of old machinery for cash: credit ₦20,000. 3. Depreciation expense charged: credit ₦12,000. 4. Correction of a mistaken debit of ₦5,000 (the amount was intended for Office Equipment): credit ₦5,000. Determine the closing balance of the Machinery ledger and state whether it is a debit or credit balance.
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 10. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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