Neco 2018 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2018 Neco Financial Accounting examination.
The trial balance of a firm shows total debits of ₦2,000,000 and total credits of ₦1,985,000, i.e., a debit excess of ₦15,000. On review, two errors are found: 1. A cash sale of ₦12,345 was recorded as ₦13,245 in the Sales ledger (a transposition of the digits 2 and 3). 2. A purchase of ₦7,500 was omitted from the Purchases ledger. After correcting both errors, determine the amount that must be transferred to the suspense account and indicate whether the suspense account will have a debit or a credit balance.
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About This Question
This is Neco 2018 Financial Accounting Question 33. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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