Neco 2025 Financial Accounting Question 43

The following trial balance (all amounts in naira) is extracted from the books of XYZ Ltd.\n\nCash                  Dr  250,000\nAccounts Receivable    Dr  120,000\nInventory             Dr  130,000\nEquipment             Dr  300,000\nSalaries Expense      Dr  180,000\nRent Expense          Dr  70,000\nInterest Expense       Dr  30,000\nAccumulated Depreciation Cr  80,000\nAccounts Payable       Cr  100,000\nBank Loan              Cr  150,000\nSales Revenue          Cr  500,000\nInterest Income         Cr  2,500\nOwner's Capital        Cr  247,500\n\nThe total of the debit side is \(1{,}080{,}000\) and the total of the credit side is \(1{,}075{,}000\). Identify the error and state the correction required to balance the trial balance.