Gce Model Questions Vol1 2021 Financial Accounting Question 40
Practice objective / multiple choice question 40 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
A business keeps a single‑column cash book for June. The opening balance is a debit of \(2{,}500\). Receipts during the month are: \(12{,}000\) from customers, \(3{,}000\) loan received, \(1{,}200\) interest received. Payments are: \(4{,}500\) to suppliers, \(2{,}800\) wages, \(1{,}500\) rent, \(600\) insurance. At month‑end a bank overdraft of \(1{,}200\) appears on the credit side. Determine the closing cash balance (state the amount and whether it is a debit or credit balance).
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 40. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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