Waec Model Questions Vol1 2022 Commerce Question 23

Practice objective / multiple choice question 23 from the 2022 Waec Model Questions Vol1 Commerce examination.

Waec Model Questions Vol1 2022 Commerce Objective / Multiple Choice Hard Difficulty
Question 23 WAEC_MODEL_QUESTIONS_VOL1 • 2022 • COMMERCE • objective

A firm's cash book shows a closing cash balance of ₦85,000. The bank statement for the same date shows a balance of ₦78,500. The following items are identified: deposits in transit ₦5,200; outstanding cheques ₦3,800; bank service charges ₦150 not recorded in the cash book; a customer's cheque of ₦2,000 was returned unpaid and had been recorded in the cash book; and a cash receipt of ₦1,250 was mistakenly entered as ₦1,520 in the cash book. Prepare the bank reconciliation, giving the corrected cash book balance and the true cash balance to be shown in the statement of financial position.

Answer Options

A. Corrected cash book balance = ₦82,430; true cash balance = ₦79,700
B. Corrected cash book balance = ₦82,580; true cash balance = ₦80,150
Correct Answer C. Corrected cash book balance = ₦82,580; true cash balance = ₦79,900
D. Corrected cash book balance = ₦82,730; true cash balance = ₦80,050
Correct Answer
C
Correct Option:
Corrected cash book balance = ₦82,580; true cash balance = ₦79,900

About This Question

This is Waec Model Questions Vol1 2022 Commerce Question 23. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Commerce examination.

Difficulty level: Hard .

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