Gce Model Questions Vol1 2018 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
A trial balance shows total debits of \(£85,000\) and total credits of \(£84,500\). To balance the trial balance, a Suspense Account was opened. Later the accountant discovers that a sales return of \(£500\) was omitted from the Sales Returns and Allowances account (a credit entry). The missing entry is posted to the correct account and the same amount is removed from the Suspense Account. What is the balance of the Suspense Account after this correction?
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 23. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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