Neco 2019 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2019 Neco Financial Accounting examination.
Given the following trial balance extracts (amounts in naira): Cash Dr 45,000; Accounts Receivable Dr 30,000; Inventory Dr \(X\); Equipment Dr 80,000; Accumulated Depreciation Cr 20,000; Accounts Payable Cr 25,000; Capital Cr \(Y\); Drawings Dr 15,000; Sales Revenue Cr 120,000; Rent Expense Dr 10,000. The total of the debit side is 200,000 and the total of the credit side must also be 200,000. Determine the amounts of \(X\) (Inventory) and \(Y\) (Capital).
Answer Options
About This Question
This is Neco 2019 Financial Accounting Question 1. It is one of the objective questions from the 2019 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.