Neco 2019 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2019 Neco Financial Accounting examination.
The Machinery ledger shows an opening debit balance of \(\text{₦}80,000\). During the year the following transactions were recorded: purchases of machinery \(\text{₦}45,000\), sales of machinery \(\text{₦}30,000\), depreciation charged at 12% on the opening balance, and a revaluation surplus of \(\text{₦}5,000\) credited to the account. Determine the closing balance of the Machinery ledger and state whether it is a debit or credit balance.
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About This Question
This is Neco 2019 Financial Accounting Question 7. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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