Gce Model Questions Vol1 2019 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The sales ledger control account opened with a credit balance of \(\text{₦}30,000\). During the year the sales journal recorded total sales of \(\text{₦}120,000\) but the amount was mistakenly posted to the control account as \(\text{₦}12,000\). A credit note for \(\text{₦}5,000\) was issued but not recorded in the sales returns journal. Determine the corrected closing balance of the sales ledger control account.
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 1. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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