Gce Model Questions Vol1 2024 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
The following trial balance (in £) is extracted before any adjustments: - Sales Revenue (Credit) 150,000 - Purchases (Debit) 80,000 - Salaries Expense (Debit) 30,000 - Rent Expense (Debit) 12,000 - Trade Receivables (Debit) 25,000 - Trade Payables (Credit) 20,000 - Bank Loan (Credit) 40,000 - Capital (Credit) 100,000 - Drawings (Debit) 15,000 Two errors have been discovered: 1. The Purchases amount of £80,000 was mistakenly entered on the credit side. 2. The Rent Expense of £12,000 was omitted entirely from the trial balance. After correcting the error and including the omitted rent expense, what is the new total of the debit side of the trial balance?
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About This Question
This is Gce Model Questions Vol1 2024 Financial Accounting Question 28. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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