Gce Model Questions Vol1 2018 Financial Accounting Question 38
Practice objective / multiple choice question 38 from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
A sole trader's cash book for June is missing the cash‑receipts column for two days. The following information is known:\n- Opening cash balance: \(\text{₦}5,000\).\n- Total cash payments recorded: \(\text{₦}27,500\).\n- Closing cash balance: \(\text{₦}6,800\).\n- Total sales for the month (cash and credit): \(\text{₦}45,000\).\n- Cash sales are 40 % of total sales.\n- Purchases (cash and credit): \(\text{₦}30,000\).\n- Credit purchases are 60 % of total purchases.\n- The trader withdrew cash for personal use (drawings) - amount unknown.\n- No other cash receipts besides cash sales and drawings.\nDetermine (a) the amount of cash drawings and (b) the total cash receipts that were omitted from the cash book.
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About This Question
This is Gce Model Questions Vol1 2018 Financial Accounting Question 38. It is one of the objective questions from the 2018 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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