Gce Model Questions Vol1 2024 Financial Accounting Question 23

Practice objective / multiple choice question 23 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Gce Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 23 GCE_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

The trial balance of XYZ Ltd shows total debits of \(£85,340\) and total credits of \(£85,250\). The accountant suspects a single transposition error where a figure of \(£2,340\) was entered as \(£2,430\). Assuming no other errors, determine the corrected total of debits after fixing the error and state whether the trial balance will then balance.

Answer Options

Correct Answer A. Corrected debits = £85,250; the trial balance then balances
B. Corrected debits = £85,340; the trial balance then balances
C. Corrected debits = £85,260; the trial balance then balances
D. Corrected debits = £85,150; the trial balance does not balance
Correct Answer
A
Correct Option:
Corrected debits = £85,250; the trial balance then balances

About This Question

This is Gce Model Questions Vol1 2024 Financial Accounting Question 23. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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