Neco 2017 Financial Accounting Question 49
Practice objective / multiple choice question 49 from the 2017 Neco Financial Accounting examination.
The trial balance of DEF Co. shows total debits of \(\text{₦}1,150,000\) and total credits of \(\text{₦}1,130,000\). Two errors have been identified: (i) a purchase of inventory for \(\text{₦}45,000\) was recorded only as a debit to Purchases, the credit to Accounts Payable being omitted; (ii) a cash receipt of \(\text{₦}25,000\) was recorded twice as a credit to Sales. What amount should be transferred to the Suspense Account to balance the trial balance?
Answer Options
About This Question
This is Neco 2017 Financial Accounting Question 49. It is one of the objective questions from the 2017 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.