Gce Model Questions Vol1 2019 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The trade receivables control account shows a closing credit balance of \(\text{₦}250,000\). The total of the individual customer balances in the subsidiary ledger is \(\text{₦}242,000\). During the month a payment of \(\text{₦}8,000\) from Customer A was recorded in the cash book but not posted to the control account, and a sales invoice of \(\text{₦}5,000\) to Customer B was omitted from both the sales journal and the subsidiary ledger. After correcting for these two omissions, what amount of discrepancy remains between the control account and the subsidiary ledger, and is the control account overstated or understated?
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 2. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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