Waec Model Questions Vol1 2023 Financial Accounting Question 28
Practice objective / multiple choice question 28 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
The trial balance of XYZ Ltd as at 31 December shows the following balances (debit unless indicated): Cash ₦12,500, Accounts Receivable ₦8,400, Inventory ₦25,000, Equipment ₦25,000, Accumulated Depreciation ‑ Equipment ₦9,000 (Cr), Accounts Payable ₦7,200 (Cr), Loan Payable ₦10,000 (Cr), Capital ₦56,000 (Cr), Drawings ₦5,000, Sales Revenue ₦45,000 (Cr), Purchases ₦20,000, Salaries Expense ₦6,500. The trial balance does not balance; total debits exceed total credits by ₦2,300. Assuming the only error is that sales revenue has been understated, by how much should the Sales Revenue account be increased to correct the trial balance?
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 28. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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