Neco Model Questions Vol1 2025 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
The Purchases Returns Control Account had an opening debit balance of \(\text{₦}25,000\). Returns recorded in the subsidiary ledger for the month are: Supplier X = \(\text{₦}4,500\), Supplier Y = \(\text{₦}3,200\), Supplier Z = \(\text{₦}2,300\). It was later found that a return of \(\text{₦}1,800\) to Supplier Y was omitted from the control account, and a credit entry of \(\text{₦}5,000\) was posted to the control account for a return that had already been recorded for Supplier X.\n\nDetermine the correct closing balance of the Purchases Returns Control Account and indicate whether it is a debit or credit balance.
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This is Neco Model Questions Vol1 2025 Financial Accounting Question 8. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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