Neco 2024 Financial Accounting Question 25
Practice objective / multiple choice question 25 from the 2024 Neco Financial Accounting examination.
The following balances appear in the trial balance after posting all journal entries for January (in ₦): Cash 115,000 Dr, Equipment 120,000 Dr, Cost of Goods Sold 50,000 Dr, Salaries 30,000 Dr, Sales 80,000 Cr, Bank Loan 100,000 Cr, Capital 150,000 Cr. The total debits equal ₦315,000 and total credits equal ₦330,000, giving a difference of ₦15,000 (credits exceed debits). It is suspected that a single transaction was omitted from the journal. Assuming the omitted transaction is a purchase of inventory on credit, what is the amount of that missing entry that would bring the trial balance into balance?
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About This Question
This is Neco 2024 Financial Accounting Question 25. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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