Waec Model Questions Vol1 2019 Financial Accounting Question 12
Practice objective / multiple choice question 12 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The cash book for March shows an opening cash balance of ₦150,000. Cash receipts during the month are: cash sales ₦420,000, collections from debtors ₦180,000 and a loan received ₦250,000. Cash payments are: purchase of inventory ₦300,000, payments to creditors ₦210,000, rent ₦45,000 and interest on the loan ₦15,000. The bank statement at month‑end shows a closing balance of ₦380,000, but a cheque for ₦25,000 that has not been presented and a bank service charge of ₦2,000 have not been recorded in the cash book. What is the corrected cash‑book closing balance after posting these two items?
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 12. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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