Neco 2017 Financial Accounting Question 21
Practice objective / multiple choice question 21 from the 2017 Neco Financial Accounting examination.
Given the following trial balance extracts (amounts in naira): Cash Dr 45,000; Accounts Receivable Dr 30,000; Inventory Dr 25,000; Equipment Dr 80,000; Cost of Goods Sold Dr 90,000; Rent Expense Cr 5,000 (recorded on the wrong side); Accumulated Depreciation - Equipment Cr 20,000; Accounts Payable Cr 35,000; Loan Payable Cr 50,000; Capital Cr 70,000; Sales Revenue Cr 120,000; and an unknown account ?. The total debits and credits do not balance. Determine the amount (debit) of the unknown account required to balance the trial balance.
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About This Question
This is Neco 2017 Financial Accounting Question 21. It is one of the objective questions from the 2017 Neco Financial Accounting examination.
Difficulty level: Medium .
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