Gce Model Questions Vol1 2021 Financial Accounting Question 16
Practice objective / multiple choice question 16 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Extracts from the general ledger for March are as follows: Opening balance of Cash is (₦120,000\) (debit). During March the following cash transactions were recorded: (i) cash sales of (₦85,000\), (ii) cash received from a debtor of (₦20,000\), (iii) cash paid for salaries of (₦30,000\), (iv) cash paid for rent of (₦12,000\). At month‑end the trial balance shows total debits of (₦210,000\) and total credits of (₦210,000\), but the Cash account is shown as a credit balance of (₦5,000\). Assuming all other ledger balances are correct, what is the correct closing balance of the Cash account?
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 16. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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