Neco 2022 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2022 Neco Financial Accounting examination.
A trial balance shows total debits of \(\text{₦}260,000\) and total credits of \(\text{₦}258,000\), giving a credit balance of \(\text{₦}2,000\) in the Suspense Account. It is later discovered that a purchase of \(\text{₦}6,000\) was omitted from the Purchases ledger and a sales entry of \(\text{₦}4,000\) was recorded twice on the credit side. What amount should be transferred from the Suspense Account to correct the trial balance, and what are the natures of the two errors?
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About This Question
This is Neco 2022 Financial Accounting Question 32. It is one of the objective questions from the 2022 Neco Financial Accounting examination.
Difficulty level: Medium .
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