Gce Model Questions Vol1 2019 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The following trial balance is extracted before any corrections (all figures are in £):\n\nCash Dr 45,000\nBank Dr 30,000\nAccounts Receivable Dr 25,000\nInventory Dr 20,000\nEquipment Dr 50,000\nAccumulated Depreciation Cr 15,000\nAccounts Payable Cr 18,000\nLoan Payable Cr 40,000\nCapital Dr 100,000\nRevenue Cr 80,000\nRent Expense Dr 12,000\nSalaries Expense Dr 22,000\n\nTotal Debits = ?, Total Credits = ?.\n\nIt is later discovered that (i) the Capital account has been entered on the debit side instead of credit, and (ii) the Rent Expense amount should be £1,200 (a transcription error). After correcting these two errors, what amount must be added to the debit side to bring the trial balance into balance?
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 28. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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