Gce Model Questions Vol1 2022 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The Trade Receivables Control Account opened with a debit balance of £(6000). During the year, total credit entries (sales) amounted to £(50000) and total debit entries (receipts) amounted to £(45000). The account shows a closing debit balance of £(1000). It is later discovered that an invoice of £(2500) was omitted from the credit side of the control account. After correcting this omission, what is the corrected closing balance of the Trade Receivables Control Account (state the amount and whether it is a debit or credit balance)?
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 45. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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