Neco 2025 Financial Accounting Question 4
Practice essay / theory question 4 from the 2025 Neco Financial Accounting examination. This question covers Ledger Accounts, Posting, Trial Balance, Capital Account .
The journal entries for XYZ Trading Ltd. for the month of March are given below. 1. Dr Purchases ₦150,000 Cr ABC Suppliers ₦150,000 2. Dr Cash ₦120,000 Cr DEF Retailers ₦120,000 3. Dr ABC Suppliers ₦50,000 Cr Cash ₦50,000 4. Dr Cash ₦30,000 Cr Sales ₦30,000 5. Dr Returns Inwards ₦15,000 Cr DEF Retailers ₦15,000 6. Dr Electricity Expense ₦10,000 Cr Cash ₦10,000 7. Dr ABC Suppliers ₦2,000 Cr Cash ₦2,000 (cash discount received) 8. Dr Office Supplies ₦5,000 Cr Cash ₦5,000 9. Dr Sales ₦200,000 Cr DEF Retailers ₦200,000 10. Dr Cash ₦50,000 Cr Returns Outwards ₦20,000 Cr ABC Suppliers ₦30,000 (payment of remaining balance after discount) Using these journal entries, answer the following:
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This is Neco 2025 Financial Accounting Question 4. It is one of the essay questions from the 2025 Neco Financial Accounting examination.
The question covers Ledger Accounts, Posting, Trial Balance, Capital Account .
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