Waec Model Questions Vol1 2025 Financial Accounting Question 5
Practice essay / theory question 5 from the 2025 Waec Model Questions Vol1 Financial Accounting examination.
A company, XYZ Ltd, has prepared its trial balance as at 31st December 2025. The trial balance shows a total debit balance of ₦150,000 and a total credit balance of ₦145,000. The company’s accountant has identified that a sales invoice of ₦5,000 was not recorded in the sales account. Additionally, there was an error in the wages account where ₦2,000 was mistakenly recorded as a debit instead of a credit. Based on this information, analyze the impact of these errors on the trial balance and prepare a corrected trial balance for XYZ Ltd.
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This is Waec Model Questions Vol1 2025 Financial Accounting Question 5. It is one of the essay questions from the 2025 Waec Model Questions Vol1 Financial Accounting examination.
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