Neco Model Questions Vol1 2023 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
A trial balance shows a debit total of \(\₦84,750\) and a credit total of \(\₦84,250\). The difference of \(\₦500\) (debit side higher) is suspected to arise from a single error. Either a purchase entry of \(\₦3,240\) was transposed and recorded as \(\₦3,420\), or a sales return of \(\₦500\) on the credit side was omitted. Identify which error explains the imbalance and state the amount that should be transferred to the suspense account.
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 43. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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