Neco Model Questions Vol1 2022 Financial Accounting Question 4
Practice objective / multiple choice question 4 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
A trial balance shows total debits of N850,000 and total credits of N845,000, a difference of N5,000 (debits higher). Further investigation reveals two errors:\n1. A purchase of N12,000 was omitted entirely.\n2. A sales figure of N7,000 was transposed and recorded as N70,000. After correcting these errors, what amount should be transferred to the suspense account to bring the trial balance into balance?
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 4. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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