Neco 2018 Financial Accounting Question 9
Practice objective / multiple choice question 9 from the 2018 Neco Financial Accounting examination.
After posting all journal entries, the trial balance shows total debits of \(\text{₦}300,000\) and total credits of \(\text{₦}305,000\). It is discovered that a purchase of inventory on credit was omitted, but the VAT payable of 5 % on that purchase was correctly recorded as a credit of \(\text{₦}5,000\). What is the amount of the omitted purchase (excluding VAT)?
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About This Question
This is Neco 2018 Financial Accounting Question 9. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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