Neco Model Questions Vol1 2017 Financial Accounting Question 50

The following extracts from the general ledger of JKL Ltd for the year ended 31 December 2017 are given (amounts in ₦): - Purchases Account: Debit 350,000 - Sales Account: Credit 500,000 - Rent Expense: Debit 60,000 - Sundry Debtors: Debit 80,000 - Sundry Creditors: Credit 70,000 - Capital: Credit 300,000 - Suspense Account: Debit 20,000 The trial balance totals are: total debits = 1,010,000; total credits = 1,030,000. It is known that a single posting error has been made: an amount of \(X\) ₦ was posted to the wrong side of an account (i.e., a debit was recorded as a credit or vice‑versa). No other errors exist. Determine the value of \(X\) and indicate whether the error was a debit recorded as credit or credit recorded as debit.