Neco Model Questions Vol1 2019 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of a firm shows the following balances (debit unless indicated):\n\nCash D \(N45,000\); Accounts Receivable D \(N30,000\); Inventory D \(N25,000\); Equipment D \(N80,000\); Accumulated Depreciation C \(N20,000\); Accounts Payable C \(N15,000\); Capital C \(N100,000\); Sales Revenue C \(N120,000\); Rent Expense D \(N10,000\); Interest Expense D \(N5,000\).\n\nThe totals do not balance. To make the trial balance balance, a missing debit entry is to be added to the account "Bank Loan". It is known that the amount of this missing debit equals twice the Accounts Receivable balance. Determine the amount that should be recorded as the Bank Loan debit.
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About This Question
This is Neco Model Questions Vol1 2019 Financial Accounting Question 18. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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