Waec Model Questions Vol1 2024 Financial Accounting Question 9

The trial balance of XYZ Ltd as at 31 March 2024 shows the following balances (debit side first): Cash ₦120,000; Accounts Receivable ₦80,000; Inventory ₦150,000; Prepaid Expenses ₦20,000; Equipment ₦250,000; Accumulated Depreciation - Equipment ₦70,000 (credit); Accounts Payable ₦90,000; Bank Loan ₦100,000; Capital ₦300,000; Drawings ₦30,000; Sales ₦500,000 (credit); Cost of Goods Sold ₦260,000; Rent Expense ₦40,000; Interest Expense ₦15,000. The total of debit balances is ₦690,000 and credit balances is ₦1,025,000, giving a difference of ₦335,000 (debit side short). Upon review, two errors are discovered: 1. The Equipment purchase of ₦30,000 was mistakenly recorded in Cash instead of Equipment. 2. The Rent Expense for March was omitted; the correct amount should be ₦45,000. After correcting these errors, will the trial balance balance? If not, state the amount and whether the debit or credit side is in excess.