Neco Model Questions Vol1 2020 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The Purchases Returns Control Account is being prepared. The opening debit balance is \(N30,000\). Returns recorded from suppliers are: Supplier A \(N5,000\), Supplier B \(N7,500\), Supplier C \(N4,000\). During the period a purchase return of \(N3,000\) was mistakenly posted to the Purchases Account instead of the Purchases Returns Control Account. In addition, a credit entry of \(N2,000\) that should have been recorded in the control account was omitted. Compute the correct closing debit balance of the Purchases Returns Control Account.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 17. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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