Neco 2023 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2023 Neco Financial Accounting examination.
The Trade Receivables Control Account shows a closing balance of ₦350,000. The subsidiary ledger totals for customers A, B, and C are ₦120,000, ₦95,000, and ₦130,000 respectively. A credit note of ₦5,000 issued to Customer B was posted in the control account but omitted from the subsidiary ledger. Determine (a) the corrected balance of the Trade Receivables Control Account, and (b) the amount of the discrepancy between the control account and the subsidiary ledger after correction.
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About This Question
This is Neco 2023 Financial Accounting Question 35. It is one of the objective questions from the 2023 Neco Financial Accounting examination.
Difficulty level: Medium .
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