Waec Model Questions Vol1 2024 Financial Accounting Question 19
Practice objective / multiple choice question 19 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
A trial balance for a sole trader shows the following balances (in ₦): Sales = 150,000 (Cr); Purchases = 80,000 (Dr); Rent expense = 12,000 (Cr); Salaries expense = 20,000 (Dr); Cash = 30,000 (Dr); Bank = 25,000 (Dr); Capital = 100,000 (Cr); Drawings = 10,000 (Dr). The trial balance does not balance. The accountant discovers two errors: (i) Rent expense of 12,000 was recorded as a credit instead of a debit; (ii) a payment of 5,000 to a supplier was omitted entirely. Determine the corrected total of the debit side, the corrected total of the credit side, and the amount that must be posted to the suspense account to balance the trial balance.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 19. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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