Gce Model Questions Vol1 2017 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of ABC Co. shows the following balances (in ₦):\n\nDr Cash..................40,000\nDr Accounts Receivable....25,000\nDr Inventory..............30,000\nDr Machinery..............80,000\nDr Purchases..............70,000\nDr Salaries Expense......15,000\nCr Accumulated Depreciation - Machinery........20,000\nCr Accounts Payable......35,000\nCr Capital..............100,000\nCr Sales................150,000\n\nThe debit total is \(260,000\) and the credit total is \(305,000\). Assuming the only error is an understated amount in the Purchases account, what should be the correct debit balance of Purchases?
Answer Options
About This Question
This is Gce Model Questions Vol1 2017 Financial Accounting Question 45. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.