Gce Model Questions Vol1 2022 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The unadjusted trial balance of a sole trader for the year ended 31 December is shown (all figures in £):\n\n| Debit | Credit |\n|-------|--------|\n| Purchases | 20 000 |\n| Opening Stock | 5 000 |\n| Salaries | 8 000 |\n| Rent | 3 000 |\n| Cash | 5 000 |\n| Bank | 2 000 |\n| | Sales | 45 000 |\n| | Capital | 30 000 |\n| | Accumulated Depreciation | 4 000 |\n\nThe total of the debit column is £38 000 and the total of the credit column is £79 000. The accountant knows that a discount allowed equal to 2\% of purchases should be recorded, and that the closing stock (a debit balance) has not been entered. Determine the value of the closing stock that will make the trial balance balance after the discount allowed is posted.
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 32. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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