Neco Model Questions Vol1 2025 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
During preparation of a trial balance, two posting errors were made:\n1. A purchase of \(\text{₦}15,000\) was incorrectly credited to the Purchases account.\n2. A sales of \(\text{₦}10,000\) was incorrectly debited to the Sales account.\nAs a result, the Suspense Account shows a debit balance of \(\text{₦}5,000\). After correcting both errors, the Suspense Account must have a zero balance. What amount should be transferred from the Suspense Account to the Purchases account to correct the errors?
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About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 46. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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