Neco 2019 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2019 Neco Financial Accounting examination.
The Trade Receivables Control Account shows: Opening balance Dr \(\text{₦}200,000\); Credit sales \(\text{₦}500,000\); Cash receipts \(\text{₦}380,000\); Returns outwards \(\text{₦}20,000\); Write‑offs \(\text{₦}5,000\); Closing balance Dr \(\text{₦}295,000\). The subsidiary ledger of three customers reports ending balances of Customer A \(\text{₦}80,000\), Customer B \(\text{₦}120,000\) and Customer C \(\text{₦}85,000\). Identify the discrepancy and state the amount of the unrecorded credit transaction that should be posted to the control account.
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About This Question
This is Neco 2019 Financial Accounting Question 45. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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