Neco Model Questions Vol1 2023 Financial Accounting Question 44
Practice objective / multiple choice question 44 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
During a month, a cash payment of \(\₦2,350\) was mistakenly recorded as \(\₦2,530\) (a transposition error). In the same period, a cash receipt of \(\₦1,200\) was completely omitted from the books. After these errors, the trial balance still shows equal debit and credit totals of \(\₦56,800\). After correcting both errors, what amount should appear in the suspense account and should it be a debit or credit balance?
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 44. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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