Neco Model Questions Vol1 2017 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd shows total debits of \(\text{₦}1,200,000\) and total credits of \(\text{₦}1,188,000\). It is later discovered that (i) a purchase of \(\text{₦}45,000\) was mistakenly recorded as \(\text{₦}54,000\), and (ii) a cash receipt of \(\text{₦}8,000\) was omitted. After correcting these errors, what amount should be transferred to the suspense account to balance the trial balance, and indicate the correcting journal entries required.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 26. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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