Gce Model Questions Vol1 2020 Financial Accounting Question 1
Practice objective / multiple choice question 1 from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
The cash book for June opened with a balance of \(\text{₦}12{,}500\). During the month the following cash receipts were recorded: cash sales \(\text{₦}18{,}400\), loan received \(\text{₦}5{,}000\) and interest received \(\text{₦}200\). Cash payments recorded were: rent \(\text{₦}4{,}800\), salaries \(\text{₦}6{,}500\), purchase of inventory \(\text{₦}9{,}200\) and electricity \(\text{₦}350\). It was later discovered that a cheque of \(\text{₦}1{,}200\) was mistakenly entered as a receipt instead of a payment, and a bank service fee of \(\text{₦}150\) had not been recorded. What is the closing cash balance at the end of June?
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About This Question
This is Gce Model Questions Vol1 2020 Financial Accounting Question 1. It is one of the objective questions from the 2020 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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