Neco Model Questions Vol1 2020 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
While preparing the trial balance, the following errors were discovered:\n1. A purchase invoice of \(N45,000\) was recorded as \(N54,000\).\n2. A cash receipt of \(N12,500\) was omitted.\n3. A sales return of \(N6,000\) was entered as a sales discount of the same amount.\n4. A credit entry of \(N8,000\) was posted to the Sales Account instead of the Sales Returns Account.\nAfter posting all entries, the trial balance shows a debit excess of \(N5,000\). Assuming all other entries are correct, determine the amount that should be transferred to the Suspense Account to rectify the trial balance.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 18. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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