Neco 2021 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2021 Neco Financial Accounting examination.
The following trial balance is extracted from the books of XYZ Ltd.\n\nDebit side:\nCash N120,000\nPurchases N80,000\nSalaries N45,000\nRent expense N20,000\nEquipment N50,000\n\nCredit side:\nSales N200,000\nCapital N90,000\nLoans N30,000\nCreditors N5,000\n\nThe total of the debit side is N315,000 and the total of the credit side is N325,000. What amount should be entered in the suspense account on the debit side to balance the trial balance?
Answer Options
About This Question
This is Neco 2021 Financial Accounting Question 14. It is one of the objective questions from the 2021 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.