A trial balance shows total debits of $\text{₦}85{,}300$ and total credits of $\text{₦}84{,}800$, leaving a debit difference of $\text{₦}500$ recorded in the Suspense Account (debit side). On review it is found that the Purchase Returns account was mistakenly debited instead of credited for $\text{₦}600$, and a Sales Ledger entry of $\text{₦}700$ (debit to Debtors) was omitted. After correcting these errors, what will be the corrected balances of the Purchase Returns and Sales Ledger accounts, and what will be the final balance of the Suspense Account?

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Purchase Returns corrected to a credit of ₦600; Sales Ledger (Debtors) corrected to a debit of ₦700; Suspense Account balance is zero.

Gce Model Questions Vol1 2020 Financial Accounting Question 4

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