Neco 2018 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2018 Neco Financial Accounting examination.
The totals of the sales journal, purchases journal and cash receipts journal for the month are ₦200,000, ₦120,000 and ₦150,000 respectively. The cash payments journal was recorded as being 5\% higher than the purchases journal total. The trial balance shows total debits and credits of ₦600,000. It is discovered that a cash purchase of amount \(x\) was omitted from the cash payments journal but correctly recorded in the purchases journal. Determine the value of \(x\) in naira.
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About This Question
This is Neco 2018 Financial Accounting Question 1. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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