Gce Model Questions Vol1 2018 Financial Accounting Question 40

A trial balance has been prepared with the following figures (all amounts in \(\text{₦}\)):\n- Sales Revenue: Dr \(\text{₦}120,000\)\n- Purchases: Cr \(\text{₦}80,000\)\n- Rent Expense: Dr \(\text{₦}15,000\)\n- Salaries Expense: Dr \(\text{₦}20,000\)\n- Capital: Cr \(\text{₦}100,000\)\n- Drawings: Dr \(\text{₦}10,000\)\n- Cash: Cr \(\text{₦}5,000\)\n- Bank: Dr \(\text{₦}8,000\)\nThe debit side totals \(\text{₦}173,000\) and the credit side totals \(\text{₦}185,000\), giving a credit excess of \(\text{₦}12,000\). The accountant suspects a single error: either a transposition error, an omission of a ledger posting, or a single‑sided entry (debit recorded as credit or vice‑versa). Identify the most likely type of error and state the correcting entry required to balance the trial balance.