Neco 2023 Financial Accounting Question 44

During the preparation of a trial balance the following errors were discovered: 1. A purchase invoice of \(12{,}500\) ₦ was recorded as \(1{,}250\) ₦ in the purchases ledger. 2. A sales return of \(8{,}000\) ₦ was omitted from the sales ledger. 3. A payment of \(5{,}600\) ₦ to a creditor was entered twice in the cash book. 4. An expense of \(3{,}200\) ₦ was posted to the credit side of the rent‑expense account. After posting, the trial balance shows a difference of \(2{,}400\) ₦ (debit side exceeds credit side). a) Determine the amount that should be transferred to the suspense account to rectify the trial balance. b) Explain the effect of each error on the trial‑balance difference.