Neco Model Questions Vol1 2024 Financial Accounting Question 10
Practice objective / multiple choice question 10 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
The following trial balance for ABC Ltd. shows a discrepancy: | Account | Debit (₦) | Credit (₦) | |---------|-----------|------------| | Cash | 210,000 | | | Inventory | 120,000 | | | Equipment | 230,000 | | | Accounts Payable | 20,000 | | | Sales Revenue | | 300,000 | | Loan Payable | | 100,000 | | Capital | | 140,000 | The total debit side is ₦(580,000) and the total credit side is ₦(540,000). It is known that exactly one account has been posted on the wrong side, and the amount of that account is ₦(20,000). Identify the misposted account and state the corrected debit and credit totals after the error is rectified.
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About This Question
This is Neco Model Questions Vol1 2024 Financial Accounting Question 10. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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