Gce Model Questions Vol1 2022 Financial Accounting Question 4

Practice objective / multiple choice question 4 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2022 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 4 GCE_MODEL_QUESTIONS_VOL1 • 2022 • FINANCIAL_ACCOUNTING • objective

A trial balance shows total debits of \(\text{₦}40,800\) and total credits of \(\text{₦}39,500\). The difference of \(\text{₦}1,300\) is due to a sales invoice of amount \(X\) that was mistakenly debited to the Sales account instead of being credited. Determine the value of \(X\) and the amount that should be transferred to the suspense account to restore balance.

Answer Options

A. Sales invoice amount ₦800; amount to transfer to suspense account ₦1,600
Correct Answer B. Sales invoice amount ₦650; amount to transfer to suspense account ₦1,300
C. Sales invoice amount ₦1,300; amount to transfer to suspense account ₦1,300
D. Sales invoice amount ₦650; amount to transfer to suspense account ₦650
Correct Answer
B
Correct Option:
Sales invoice amount ₦650; amount to transfer to suspense account ₦1,300

About This Question

This is Gce Model Questions Vol1 2022 Financial Accounting Question 4. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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