Gce Model Questions Vol1 2024 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
The trial balance of a sole trader after posting all transactions is as follows (debit balances unless otherwise indicated):\n\n- Purchases £70,000 (Dr)\n- Salaries £20,000 (Dr)\n- Rent expense £12,000 (Dr)\n- Drawings £15,000 (Dr)\n- Trade debtors £30,000 (Dr)\n- Sales £150,000 (Cr)\n- Capital £80,000 (Cr)\n- Trade creditors £25,000 (Cr)\n\nIt is later discovered that purchase returns of £5,000 were mistakenly posted to Purchases instead of a Purchase Returns account, and a depreciation expense of £4,000 was omitted. After correcting these errors, what is the difference, if any, between total debits and total credits in the revised trial balance?
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About This Question
This is Gce Model Questions Vol1 2024 Financial Accounting Question 50. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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