Neco 2017 Financial Accounting Question 46

Practice objective / multiple choice question 46 from the 2017 Neco Financial Accounting examination.

Neco 2017 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 46 NECO • 2017 • FINANCIAL_ACCOUNTING • objective

During the month, XYZ Ltd recorded a cash receipt of \(\text{₦}30,000\) in the cash book, but the corresponding credit to Sales was omitted. After posting all entries, the trial balance shows total debits of \(\text{₦}1,050,000\) and total credits of \(\text{₦}1,020,000\). What amount of Sales credit was omitted and what will be the corrected total of credits?

Answer Options

A. Omitted Sales credit = ₦20,000; corrected total credits = ₦1,040,000
Correct Answer B. Omitted Sales credit = ₦30,000; corrected total credits = ₦1,050,000
C. Omitted Sales credit = ₦30,000; corrected total credits = ₦1,020,000
D. Omitted Sales credit = ₦30,000; corrected total credits = ₦1,060,000
Correct Answer
B
Correct Option:
Omitted Sales credit = ₦30,000; corrected total credits = ₦1,050,000

About This Question

This is Neco 2017 Financial Accounting Question 46. It is one of the objective questions from the 2017 Neco Financial Accounting examination.

Difficulty level: Medium .

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