Neco 2017 Financial Accounting Question 20
Practice objective / multiple choice question 20 from the 2017 Neco Financial Accounting examination.
During preparation of the trial balance the following errors were discovered: (i) A purchase invoice of \(\text{\u20A6}6,000\) was recorded as a credit to Purchases instead of a debit. (ii) A cash receipt of \(\text{\u20A6}4,200\) from a customer was omitted entirely. (iii) A bank charge of \(\text{\u20A6}150\) was entered as a debit of \(\text{\u20A6}14,350\). After posting all other accounts correctly, the trial balance shows that total debits exceed total credits by \(\text{\u20A6}2,200\). What amount should be transferred to the suspense account to restore balance, and which error(s) caused the imbalance?
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About This Question
This is Neco 2017 Financial Accounting Question 20. It is one of the objective questions from the 2017 Neco Financial Accounting examination.
Difficulty level: Medium .
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