Neco 2021 Financial Accounting Question 4

ABC Enterprises maintains the following opening balances on 1st April 2023 (all amounts in ₦): Cash – Debit ₦50,000 Capital – Credit ₦120,000 Drawings – Debit ₦5,000 Sales – Credit ₦0 (closed at year‑end) Purchases – Debit ₦0 (closed at year‑end) Rent Expense – Debit ₦0 During April the following transactions occurred and were recorded in the General Journal: 1. 03/04 – Purchased goods on credit from Supplier D for ₦80,000. 2. 05/04 – Sold goods for cash ₦95,000. 3. 10/04 – Paid cash ₦20,000 for rent. 4. 12/04 – Received cash ₦30,000 from a customer for a previous credit sale. 5. 18/04 – Purchased goods on credit from Supplier E for ₦45,000. 6. 22/04 – Paid cash ₦50,000 to Supplier D. 7. 28/04 – Paid cash ₦25,000 to Supplier E. After posting the above transactions, the accountant discovers that the purchase from Supplier D (₦80,000) was mistakenly recorded twice in the Purchases account. Answer the following: