Bece Model Questions Vol1 2025 Business Studies Question 5

A small trading business keeps a monthly bank statement. The following information is recorded for the months of January, February and March 2025. | Month | Opening Balance (₦) | Deposits (₦) | Withdrawals (₦) | Bank Charges (₦) | Closing Balance (₦) | |-------|---------------------|--------------|-----------------|------------------|----------------------| | Jan | 150,000 | 150,000 | 110,000 | 2,000 | 188,000 | | Feb | 188,000 | 140,000 | 115,000 | 5,000 | 208,000 | | Mar | 208,000 | 150,000 | 135,000 | 3,000 | 220,000 | The bank pays interest at a rate of 0.5 % per month on the average daily balance. Assume each month has 30 days and that the average daily balance can be approximated by (Opening Balance + Closing Balance) ÷ 2. Answer the following: