Neco Model Questions Vol1 2025 Financial Accounting Question 33
Practice objective / multiple choice question 33 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of a company shows the balances below (all figures in ₦).\n\nDr: Cash ₦1,250,000 Accounts Receivable ₦780,000 Inventory ₦1,020,000 Equipment ₦2,500,000 Expenses ₦1,150,000 Drawings ₦200,000\n\nCr: Accumulated Depreciation - Equipment ₦1,200,000 Accounts Payable ₦950,000 Salaries Payable ₦340,000 Revenue ₦3,600,000\n\nIt is known that one of the debit balances contains a transposition error and that one credit balance has been omitted. The recorded amount for Equipment is suspected of a transposition error. Identify the amount of the omitted credit balance that would make the trial balance balance.
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This is Neco Model Questions Vol1 2025 Financial Accounting Question 33. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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