Post Utme Joseph Ayo Babalola University 2024 Accounting Question 8
Practice objective / multiple choice question 8 from the 2024 Post Utme Joseph Ayo Babalola University Accounting examination.
A company uses the double-entry system of accounting. On January 1, 2024, it had the following balances: Cash ₦100,000, Accounts Receivable ₦50,000, Inventory ₦75,000, Accounts Payable ₦30,000, and Common Stock ₦150,000. During the year, it sold ₦60,000 worth of goods, collected ₦40,000 from customers, purchased ₦80,000 worth of goods, and paid ₦20,000 to suppliers. What is the new balance of Cash?
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This is Post Utme Joseph Ayo Babalola University 2024 Accounting Question 8. It is one of the objective questions from the 2024 Post Utme Joseph Ayo Babalola University Accounting examination.
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