Bece Model Questions Vol1 2024 Business Studies Question 5

The following extracts are taken from the cash book of XYZ Ltd. and the bank statement of its bank for the month ended 31 March 2024. Cash Book (selected items): - Opening balance (debit).........................₦206,000 - Cash sales received..............................₦150,000 - Loan received....................................₦100,000 - Rent paid (cheque No. 101)......................₦30,000 - Salaries paid (cheque No. 102)...................₦50,000 - Purchases paid (cheque No. 103)..................₦70,000 - Miscellaneous expenses paid (cheque No. 104)..₦20,000 Bank Statement (selected items): - Opening balance (debit).........................₦200,000 - Deposits recorded by bank (cash sales).........₦150,000 - Deposits recorded by bank (loan)................₦100,000 - Cheques cleared: 101, 102 and 103..............₦150,000 - Bank service charges.............................₦5,000 - Interest earned on the account..................₦2,000 Additional information: 1. A cash receipt of ₦20,000 made on 28 March has not yet been reflected in the bank statement (deposit in transit). 2. A cheque for ₦30,000 issued on 30 March has not been presented to the bank (outstanding cheque). 3. The bank mistakenly debited ₦5,000 for a cheque that should have been ₦3,000 (bank error of ₦2,000). Using the above information, answer the following: