Gce Model Questions Vol1 2018 Financial Accounting Question 27
Practice objective / multiple choice question 27 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
A trial balance at 31 December shows total debits of £85,200 and total credits of £84,500. The following errors are later discovered:\n(i) a purchase invoice of £1,200 was omitted from purchases (debit) and accounts payable (credit);\n(ii) a sales invoice of £2,500 was recorded as £2,050 in sales (debit) and cash (credit);\n(iii) a bank overdraft of £3,600 was entered as a debit instead of a credit. After correcting all errors, will the trial balance balance and, if not, what is the amount of the imbalance (state whether it is a debit or credit excess)?
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 27. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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