Waec Model Questions Vol1 2020 Financial Accounting Question 7
Practice objective / multiple choice question 7 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The cash book of ABC Co shows a bank balance of N52,000 at 31 March. The bank statement for the same date shows a closing balance of N40,600. The following items are noted: (i) A cheque of N15,000 was entered in the cash book as N1,500; (ii) Bank service charges of N200 have been deducted by the bank but not yet recorded in the cash book; (iii) Bank interest of N300 has been credited by the bank but not yet recorded; (iv) Outstanding checks amount to N3,000; (v) Deposits in transit amount to N1,000. Determine the corrected cash‑book balance after all necessary adjustments.
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About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 7. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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