Neco 2024 Financial Accounting Question 23
Practice objective / multiple choice question 23 from the 2024 Neco Financial Accounting examination.
After posting, the cash book shows the following balances (in ₦): Cash 120,000 Dr, Purchases 50,000 Dr, Expenses 30,000 Dr, Sales 150,000 Cr, Capital 35,000 Cr. The trial balance therefore has debits exceeding credits by ₦15,000. It is discovered that (i) a purchase invoice of ₦25,000 was recorded correctly in Purchases but the corresponding credit to Creditors was omitted, and (ii) a sales invoice of ₦10,000 was recorded correctly in Sales but the corresponding debit to Debtors was omitted. What amount should be transferred to the Suspense Account to balance the trial balance?
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About This Question
This is Neco 2024 Financial Accounting Question 23. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Hard .
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