Neco Model Questions Vol1 2020 Financial Accounting Question 39
Practice objective / multiple choice question 39 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The Purchases Ledger for the month shows: Opening balance (debit) \(N12,000\); Purchases on credit \(N30,000\); Returns outwards recorded as \(N5,000\); Discount received \(N500\) (credit). It is later found that a purchase of \(N3,000\) was mistakenly posted to the Returns outwards column. After correcting this error, what is the closing balance of the Purchases Ledger and is it a debit or credit balance?
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 39. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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