Gce Model Questions Vol1 2017 Financial Accounting Question 31
Practice objective / multiple choice question 31 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
ABC Ltd had opening cash of \(£5,000\). During the month the following transactions occurred: (i) Purchased inventory on credit for \(£9,600\), terms 2% discount if paid within 30 days; (ii) Returned goods worth \(£800\) to the supplier; (iii) Paid the supplier within the discount period; (iv) Sold goods costing \(£4,500\) for \(£7,200\) cash; (v) Paid wages \(£1,200\) cash. No other transactions took place. Using the purchases journal, sales journal, cash book and general ledger, determine the closing balance of the Cash account.
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About This Question
This is Gce Model Questions Vol1 2017 Financial Accounting Question 31. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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