The trial balance (in $\,$ thousands of naira) shows:\nDebit - Purchases 150, Sales Returns 0, Salaries 60, Rent 30, Cash 40, Trade Receivables 80, Inventory 70 (total $430$).\nCredit - Sales 200, Purchase Returns 10, Trade Payables 50, Capital 150, Loan 70 (total $480$).\nThe following errors are discovered: (i) a purchase of $12$ thousand was recorded on the debit side instead of credit, (ii) a sales return of $5$ thousand was omitted, (iii) a bank overdraft of $8$ thousand was not recorded, (iv) an expense of $72$ thousand (Utilities) was omitted. After correcting all errors, what are the new debit and credit totals and does the trial balance now balance?

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Debit total: 495, Credit total: 495; the trial balance balances.

Neco 2025 Financial Accounting Question 15

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