Neco 2018 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2018 Neco Financial Accounting examination.
The Trade Receivables control account carries a closing debit balance of ₦500,000. The subsidiary ledger lists three customers with the following balances: Customer A: ₦180,000; Customer B: ₦150,000; Customer C: ₦140,000. During the month the following mistakes occurred: 1. A cash receipt of ₦12,000 from Customer B was posted to Customer A's subsidiary account. 2. A sales invoice of ₦18,000 to Customer C was recorded in the control account but was omitted from Customer C's subsidiary ledger. After adjusting the control account for these errors, what is the corrected closing balance of the Trade Receivables control account, and does it remain a debit balance?
Answer Options
About This Question
This is Neco 2018 Financial Accounting Question 34. It is one of the objective questions from the 2018 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.