Neco Model Questions Vol1 2022 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
The Accounts Receivable control account shows a closing debit balance of \(\text{₦}350,000\). The subsidiary ledger lists three customers with the following balances: Customer A - \(\text{₦}120,000\), Customer B - \(\text{₦}90,000\), Customer C - \(\text{₦}130,000\). It is later discovered that a payment of \(\text{₦}20,000\) from Customer B was mistakenly posted to Customer A. Determine the corrected balances of Customers A, B and C, and state the amount that must be transferred to the Suspense Account to reconcile the control account with the subsidiary ledger.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 28. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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