Waec Model Questions Vol1 2023 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
During posting, a purchase of ₦45,000 was mistakenly debited to Purchases Returns instead of Purchases. A sales return of ₦12,000 was omitted from Sales Returns, although the corresponding credit to Sales was recorded correctly. The trial balance after posting shows: Purchases ₦210,000 (debit), Purchases Returns ₦15,000 (debit), Sales ₦300,000 (credit), Sales Returns ₦0 (credit), Suspense Account ₦3,000 (debit). Total debits equal total credits ₦528,000. Determine the amount that must be transferred from the Suspense Account to correct the trial balance, and give the corrected balances of Purchases Returns and Sales Returns.
Answer Options
About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 48. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.