Gce Model Questions Vol1 2022 Financial Accounting Question 22
Practice objective / multiple choice question 22 from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
The cash book for the month has the following information. Opening cash balance: \(\text{₦}50,000\). Cash receipts recorded: cash sales \(\text{₦}120,000\), collections from debtors \(\text{₦}30,000\), other receipts \(X\). Cash payments recorded: purchases \(\text{₦}70,000\), wages \(\text{₦}25,000\), rent \(\text{₦}15,000\), other payments \(Y\). The trial balance shows total expenses of \(\text{₦}130,000\) (which include wages, rent and the unknown payment \(Y\)). A bank reconciliation gives a bank statement closing balance of \(\text{₦}40,000\), outstanding checks of \(\text{₦}12,000\) and deposits in transit of \(\text{₦}8,000\). Determine the amount of the unknown cash receipt \(X\).
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About This Question
This is Gce Model Questions Vol1 2022 Financial Accounting Question 22. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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