The trial balance of XYZ Ltd as at 31 December 2025 (all amounts in $₦$) is shown below. One figure is missing (indicated by "?") and the trial balance does not balance.

Dr: Cash $50,000$; Accounts Receivable $70,000$; Inventory $40,000$; Equipment $120,000$; Drawings $20,000$; Cost of Goods Sold $130,000$; Rent Expense $25,000$; ?

Cr: Accumulated Depreciation - Equipment $30,000$; Accounts Payable $60,000$; Bank Loan $80,000$; Capital $150,000$; Sales Revenue $200,000$.

Identify the missing amount and the side (debit or credit) on which it should be entered to make the trial balance balance.

Question

The trial balance of XYZ Ltd as at 31 December 2025 (all amounts in $₦$) is shown below. One figure is missing (indicated by "?") and the trial balance does not balance.

Dr: Cash $50,000$; Accounts Receivable $70,000$; Inventory $40,000$; Equipment $120,000$; Drawings $20,000$; Cost of Goods Sold $130,000$; Rent Expense $25,000$; ?

Cr: Accumulated Depreciation - Equipment $30,000$; Accounts Payable $60,000$; Bank Loan $80,000$; Capital $150,000$; Sales Revenue $200,000$.

Identify the missing amount and the side (debit or credit) on which it should be entered to make the trial balance balance.

Accepted Answer

Missing amount = $65,000$ on the debit side.

Neco 2025 Financial Accounting Question 10

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