Correction of Errors and Suspense Accounts
ICAN Financial Accounting
9 Correction of Errors and Suspense Accounts practice questions covering everything you need for ICAN.
Drill Correction of Errors and Suspense Accounts →Sample Correction of Errors and Suspense Accounts questions
QUESTION 1 Adekunle & Sons Nigeria Limited, a trading company based in Lagos, extracted a trial balance as at 31 March 2024 which failed to agree. The difference of N47,600 (debit excess) was posted …
QUESTION 2 Okonkwo Pharmaceutical Distributors Limited, a company incorporated under the Companies and Allied Matters Act (CAMA) 2020 and based in Onitsha, Anambra State, prepared its draft financial…
QUESTION 3 NaijaFresh Supermarkets Limited operates a chain of retail outlets across Abuja, FCT. The bookkeeper extracted a trial balance as at 30 September 2023 which showed a difference of N63,800 …
In preparing the financial statements of Fadekemi Retailers for the year ended 31 December 2023, the accountant discovered that rent expense of ₦180,000 had been debited to the Rent Receivable Account…
During the preparation of Adaeze Enterprises' trial balance, the bookkeeper discovered that the total of the debit column exceeded the credit column by ₦47,500. Which of the following is the CORRECT i…
The trial balance of Ngozi Ventures as at 30 June 2023 did not agree. A suspense account with a debit balance of ₦56,400 was created. Investigation revealed: (i) Bank charges of ₦12,600 appeared in th…
Bamidele & Associates uses a suspense account to record trial balance differences. The following errors were found: (i) A credit sale of ₦95,000 to Alhaji Musa was recorded in the books as ₦59,000; (i…
Kelechi & Sons recorded a purchase of office equipment costing ₦360,000 by debiting the Repairs and Maintenance Expense Account instead of the Office Equipment Account. The bookkeeper also omitted to …
Okonkwo Trading Company's trial balance failed to agree, and a suspense account with a credit balance of ₦124,000 was opened. The following errors were subsequently discovered: (i) A payment of ₦68,00…