Gce Model Questions Vol1 2019 Financial Accounting Question 31
Practice objective / multiple choice question 31 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
The cash book for the week opened with a balance of \(\,\text{₦}12,500\). The following transactions were recorded:\n\nReceipts: cash sales \(\,\text{₦}8,200\), loan received \(\,\text{₦}5,000\), interest received \(\,\text{₦}300\).\n\nPayments: rent \(\,\text{₦}2,500\), salaries \(\,\text{₦}3,600\), purchase of inventory \(\,\text{₦}4,200\), electricity \(\,\text{₦}450\).\n\nHowever, the cash book contains three errors: (i) the cash sales were entered twice, (ii) the interest received was entered as \(\,\text{₦}3,000\) instead of \(\,\text{₦}300\), and (iii) the electricity payment of \(\,\text{₦}450\) was omitted.\n\nWhat is the corrected closing balance of the cash book after adjusting for these errors?
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 31. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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