Gce Model Questions Vol1 2019 Financial Accounting Question 47
Practice objective / multiple choice question 47 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance for a company shows the following balances (debit unless stated):\nCash \(5,000\), Debtors \(12,000\), Creditors \(9,000\) (credit), Sales \(20,000\) (credit), Purchases \(8,000\), Rent Expense \(2,500\). The debit side totals \(27,500\) and the credit side totals \(29,000\). It is later found that a payment of \(1,200\) to a creditor was recorded as a debit to Cash instead of a credit to Cash, and a sales return of \(300\) was omitted from the Sales account. After correcting these errors, does the trial balance balance? If not, state the amount and whether the debit or credit side is in excess.
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 47. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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