Neco Model Questions Vol1 2025 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
The Supplies ledger has an opening debit balance of \(₦500,000\). During the year the following transactions were posted to the Supplies account:\n\n1. Purchased supplies on credit: \(₦300,000\).\n2. Paid cash for supplies: \(₦150,000\).\n3. Returned defective supplies to the supplier: \(₦50,000\) (credit to Supplies).\n\nAt year‑end a physical count shows supplies on hand valued at \(₦200,000\). Prepare the adjusting entry for supplies used and determine the closing balance of the Supplies account after posting the adjustment.
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This is Neco Model Questions Vol1 2025 Financial Accounting Question 35. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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