Gce Model Questions Vol1 2017 Financial Accounting Question 23

The trial balance of ABC Co. (amounts in \(\text{₦}\)) is shown below.\n\n| Account | Debit | Credit |\n|---|---|---|\n| Cash | 25,000 | |\n| Bank | 40,000 | |\n| Accounts Receivable | 30,000 | |\n| Inventory | 45,000 | |\n| Equipment | 80,000 | |\n| Accumulated Depreciation - Equipment | | 20,000 |\n| Accounts Payable | | 35,000 |\n| Capital | | 100,000 |\n| Sales Revenue | | 150,000 |\n| Purchases | 55,000 | |\n| Rent Expense | 12,000 | |\n| Interest Income | | 5,000 |\n\nThe debit column totals \(\text{₦}287,000\) and the credit column totals \(\text{₦}310,000\), a difference of \(\text{₦}23,000\). It is known that:\n- A purchase of \(\text{₦}12,000\) was omitted from the Purchases account.\n- The Rent Expense of \(\text{₦}2,000\) was mistakenly entered on the credit side.\n- The Interest Income entry is correct.\n\nAfter correcting these errors, will the trial balance balance? If not, state the amount by which the debit side will still differ from the credit side (indicate whether the debit side is short or in excess).