Gce Model Questions Vol1 2024 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
A trial balance includes the following entries (all amounts in \(\text{₦}\)):\n\n- Sales: 500,000 (credit)\n- Purchases: 300,000 (debit)\n- Rent expense: 20,000 (debit)\n- Suspense Account: 5,000 (credit)\n\nAfter the trial balance is prepared, the following errors are discovered:\n1. A purchase invoice of \(12,000\) was omitted.\n2. A sales return of \(8,000\) was mistakenly recorded as a debit to Purchases instead of to Sales Returns.\n3. The Rent expense was entered both as a debit of \(20,000\) and a credit of \(20,000\).\n\nWhat is the corrected balance of the Suspense Account after all errors are rectified?
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This is Gce Model Questions Vol1 2024 Financial Accounting Question 3. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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