Waec Model Questions Vol1 2024 Financial Accounting Question 5

Practice essay / theory question 5 from the 2024 Waec Model Questions Vol1 Financial Accounting examination. This question covers Trial Balance .

Waec Model Questions Vol1 2024 Financial Accounting Essay / Theory
Topic: Trial Balance
Question 5 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • essay

The following balances were extracted from the ledger accounts of ABC Traders for the month ended 30 June 2024. All amounts are in Naira (₦).

Question Parts

( a )
Prepare a trial balance showing each account with its debit or credit balance and compute the total of the debit column and the total of the credit column.
( b )
State one plausible reason why the credit column exceeds the debit column by ₦25,000.
( c )
It is later discovered that a prepaid rent of ₦12,000 was omitted from the ledger. Record the adjusting entry, recompute the trial‑balance totals and state whether the trial balance now balances.

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About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 5. It is one of the essay questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

The question covers Trial Balance .

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