Neco Model Questions Vol1 2025 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
After posting the day's transactions, the trial balance of a sole trader is as follows (all figures in ₦):\n\nDr: Cash ₦3,800,000 Purchases ₦2,500,000 Suspense Account ₦270,000\n\nCr: Sales ₦5,000,000 Capital ₦1,570,000\n\nThe purchases entry was mistakenly recorded with a debit of \(₦1,250,000\) instead of the correct \(₦1,520,000\), and the difference was posted to the Suspense Account. In addition, a cash sale return of \(₦200,000\) was omitted. Adjust the accounts and state the corrected balance of Cash.
Answer Options
About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 34. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.