Neco Model Questions Vol1 2018 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
A purchase invoice for \(₦85,000\) was posted as a debit to Purchases and a credit to Accounts Payable. However, the Purchases ledger was mistakenly debited with \(₦58,000\) while the credit entry to Accounts Payable was recorded correctly. As a result, the trial balance is out of balance. Determine the amount that must be posted to the Suspense Account to correct the trial balance and indicate whether the Suspense balance will be a debit or a credit.
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 43. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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