Waec Model Questions Vol1 2022 Financial Accounting Question 12
Practice objective / multiple choice question 12 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
The following transactions occurred during the month for XYZ Ltd: 1. Cash sales of ₦120,000. 2. Credit sales of ₦80,000. 3. Cash received from customers on account: ₦50,000. 4. Cash paid for expenses: ₦30,000 (recorded only in the cash book and not posted to the ledger). The Sales ledger shows a credit balance of ₦200,000. The Cash ledger, after posting the above transactions, incorrectly shows a debit balance of ₦130,000. The Receivables ledger has not been posted yet. (a) Identify the amount of the omitted expense transaction. (b) State the correct debit balance that should appear in the Cash ledger. (c) State the debit balance that should appear in the Receivables ledger after posting all transactions.
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About This Question
This is Waec Model Questions Vol1 2022 Financial Accounting Question 12. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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