Waec Model Questions Vol1 2019 Financial Accounting Question 36
Practice objective / multiple choice question 36 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd. shows the following balances (in Naira): Debit: Cash 45,000; Accounts Receivable 30,000; Inventory 25,000; Equipment 40,000; Sundry Expenses ___ (missing). Credit: Capital 100,000; Accounts Payable 20,000; Revenue 30,000; Purchases 12,000. It is later discovered that a purchase of N12,000 was recorded both as a debit to Purchases and mistakenly as a credit to Purchases, causing the trial balance to balance at N150,000 on each side. After correcting this error (i.e., removing the erroneous credit entry), what should be the correct balance of Sundry Expenses?
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 36. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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