Waec Model Questions Vol1 2024 Financial Accounting Question 12

Practice objective / multiple choice question 12 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 12 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

The unadjusted trial balance of XYZ Ltd shows total debits of ₦250,000 and total credits of ₦245,000. The following errors are discovered: (1) A purchase of ₦12,000 was mistakenly recorded on the debit side instead of the credit side. (2) A sales return of ₦5,000 was omitted entirely. (3) A bank overdraft of ₦3,000 was recorded as a credit instead of a debit. After correcting these errors, what are the revised totals of debits and credits, and what balancing figure (if any) is required to make the trial balance agree?

Answer Options

A. Revised totals - Debits: ₦244,000; Credits: ₦256,000; Balancing figure: ₦12,000 on the debit side
B. Revised totals - Debits: ₦246,000; Credits: ₦254,000; Balancing figure: ₦8,000 on the credit side
C. Revised totals - Debits: ₦252,000; Credits: ₦252,000; Balancing figure: none
Correct Answer D. Revised totals - Debits: ₦246,000; Credits: ₦254,000; Balancing figure: ₦8,000 on the debit side
Correct Answer
D
Correct Option:
Revised totals - Debits: ₦246,000; Credits: ₦254,000; Balancing figure: ₦8,000 on the debit side

About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 12. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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