Neco Model Questions Vol1 2024 Financial Accounting Question 32
Practice objective / multiple choice question 32 from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
During the preparation of the trial balance for XYZ Ltd., the following ledger balances were obtained: | Account | Debit (₦) | Credit (₦) | |---|---|---| | Cash | 150,000 | - | | Purchases | 95,000 | - | | Sales | - | 200,000 | | Rent Expense | 30,000 | - | | Capital | - | 120,000 | | Drawings | 20,000 | - | | Salaries Expense | 25,000 | - | | Accounts Receivable | 45,000 | - | | Accounts Payable | - | 40,000 | The trial balance does not balance. Assuming the only error is that a purchase‑return transaction was omitted, determine the amount of the omitted purchase return and give the corrected total of debit and credit balances.
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About This Question
This is Neco Model Questions Vol1 2024 Financial Accounting Question 32. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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