Neco 2024 Financial Accounting Question 19
Practice objective / multiple choice question 19 from the 2024 Neco Financial Accounting examination.
The Receivables Control Account for the year shows an opening balance of Dr \( \text{₦}80,000 \). During the year the following entries were posted:\n\n- Sales on credit: Dr \( \text{₦}500,000 \)\n- Returns inwards: Cr \( \text{₦}5,000 \)\n- Bad debts written off: Cr \( \text{₦}8,000 \)\n- Receipts from customers: Cr \( \text{₦}460,000 \)\n\nThe closing balance is shown as Dr ?. The subsidiary ledger indicates that the total of individual customer balances at year‑end is \( \text{₦}42,000 \). Assuming the discrepancy is due to an unrecorded credit adjustment (e.g., discount allowed), determine the amount of that adjustment.
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About This Question
This is Neco 2024 Financial Accounting Question 19. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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