Waec Model Questions Vol1 2018 Financial Accounting Question 43

Practice objective / multiple choice question 43 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 43 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

The following trial balance (all amounts in ₦) is extracted from the books of XYZ Ltd. Identify the account that has been posted to the wrong side and state the total of each side after the correction. Cash                     Dr 200,000 Accounts Receivable      Dr 120,000 Inventory                 Dr 150,000 Equipment                 Dr 250,000 Accumulated Depreciation  Cr 80,000 Accounts Payable          Cr 100,000 Bank Loan                 Cr 150,000 Capital                   Dr 200,000 Revenue                   Cr 500,000 Rent Expense              Dr 50,000

Answer Options

A. Capital should be a credit; after correction each side totals ₦750,000
Correct Answer B. Capital should be a credit; after correction each side totals ₦800,000
C. Capital should be a debit; after correction each side totals ₦800,000
D. Capital should be a credit; after correction each side totals ₦850,000
Correct Answer
B
Correct Option:
Capital should be a credit; after correction each side totals ₦800,000

About This Question

This is Waec Model Questions Vol1 2018 Financial Accounting Question 43. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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