Neco Model Questions Vol1 2021 Financial Accounting Question 49
Practice objective / multiple choice question 49 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
In a trial balance the Purchases account is shown with a credit balance of ₦5,000, the Sales account is shown with a debit balance of ₦2,000 and the Suspense account carries a debit balance of ₦3,000. The total debit and credit balances are equal. Identify the type of errors involved and state the amount that should be transferred from the Suspense account to correct the trial balance.
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 49. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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