Neco Model Questions Vol1 2017 Financial Accounting Question 19
Practice objective / multiple choice question 19 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Gamma Enterprises prepared the following trial balance (amounts in ₦):\nCash \(45,000\) Dr, Accounts Receivable \(30,000\) Dr, Inventory \(55,000\) Dr, Equipment \(120,000\) Dr, Rent Expense \(20,000\) Dr, Interest Expense \(5,000\) Dr, Accumulated Depreciation - Equipment \(40,000\) Cr, Accounts Payable \(25,000\) Cr, Capital \(150,000\) Cr, Sales Revenue \(80,000\) Cr.\nThe total debits equal \(275,000\) while total credits equal \(295,000\). Assuming only one debit‑side account is incorrectly recorded, identify the account and state the amount by which it should be increased to balance the trial balance.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 19. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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