Neco 2021 Financial Accounting Question 16
Practice objective / multiple choice question 16 from the 2021 Neco Financial Accounting examination.
The Trade Receivables control account shows an opening balance of \(\text{₦}150,000\). During the year credit sales of \(\text{₦}420,000\) were recorded, cash receipts of \(\text{₦}380,000\) were received and returns outwards of \(\text{₦}10,000\) were made. The closing balance shown in the control account is \(\text{₦}180,000\), while the total of all customers' subsidiary ledger balances is \(\text{₦}190,000\). Assuming only one error has been made, determine the amount and nature of the error and state the corrected closing balance of the control account.
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About This Question
This is Neco 2021 Financial Accounting Question 16. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
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