Neco 2023 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2023 Neco Financial Accounting examination.
The trial balance of XYZ Enterprises shows the following balances (all amounts in ₦): Debit side - Cash = 45,000; Accounts Receivable = 27,500; Inventory = 38,400; Equipment = 62,000; Prepaid Expenses = 42,359. Total = 215,259. Credit side - Capital = 100,000; Accounts Payable = 30,000; Sales Revenue = 70,000; Service Revenue = 12,500; Other Income = 2,750; Interest Payable = 90. The total of the credit side exceeds the debit side by ₦81. Assuming only one account is affected by a transposition error, identify the account and state the correct amount that should be recorded.
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About This Question
This is Neco 2023 Financial Accounting Question 28. It is one of the objective questions from the 2023 Neco Financial Accounting examination.
Difficulty level: Medium .
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