Waec Model Questions Vol1 2020 Financial Accounting Question 5
Practice objective / multiple choice question 5 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The cash book of Sunrise Enterprises shows an opening balance of ₦10,000 (debit) on 1 June 2020. During June the following cash transactions occurred: 1. Cash sales ₦45,000 2. Cash paid for purchases ₦30,000 3. Cash received from debtor ₦12,000 4. Cash paid for rent ₦5,000 5. Cash paid for salaries ₦8,000 6. Cash received as bank loan ₦20,000 7. Cash paid for interest on loan ₦1,200 Determine the closing cash balance at 30 June 2020 and state whether it is a debit or credit balance.
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About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 5. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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