Neco Model Questions Vol1 2024 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of ABC Trading as at 31 December shows the following balances (in naira): Cash Dr 80,000; Bank Dr 50,000; Purchases Dr 300,000; Rent Expense Dr 40,000; Salaries Expense Dr 60,000; Capital Cr 200,000. It is later discovered that the purchases entry was recorded twice and the sales entry of \(200,000\) was omitted. What amount should be transferred to the suspense account to balance the trial balance?
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About This Question
This is Neco Model Questions Vol1 2024 Financial Accounting Question 3. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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