Neco Model Questions Vol1 2025 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
During the preparation of a trial balance, a discrepancy of \(\text{₦}2,500\) (debits exceed credits) was noted. The following errors were later discovered:\n\n1. A purchase invoice of \(\text{₦}12,000\) was recorded twice.\n2. A sales invoice of \(\text{₦}8,000\) was omitted.\n3. A cash receipt of \(\text{₦}5,000\) was posted to the Purchases account instead of the Sales account.\n\nAfter correcting all three errors, what amount should be transferred to the Suspense Account to bring the trial balance to balance? State the amount in naira.
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About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 6. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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