Waec Model Questions Vol1 2024 Financial Accounting Question 15
Practice objective / multiple choice question 15 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Bank Reconciliation - second scenario. The bank statement of Omega Ltd. as of 30 June shows a balance of ₦120,000. The cash book balance is ₦118,500. The following items are identified: outstanding checks of ₦5,000 (check #101) and ₦2,500 (check #102); deposits in transit of ₦3,200 (cash receipt) and ₦1,800 (customer payment); a direct debit for a loan repayment of ₦4,000 that has not been recorded in the cash book; a customer's cheque of ₦1,200 was recorded in the cash book as a receipt, but the cheque was later returned NSF; and the bank erroneously credited the account with ₦2,000 belonging to another customer. After making the necessary adjustments, what is the corrected cash book balance?
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 15. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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