Gce Model Questions Vol1 2022 Financial Accounting Question 24

The following transactions were recorded in a two‑column cash book (cash and bank) for the month. Opening balances: - Cash: \(\text{₦}12,000\) - Bank (overdraft): \(\text{₦}5,000\) (i.e., a negative balance) Transactions: 1. Cash sales: \(\text{₦}30,000\) (cash receipt). 2. Rent paid by cheque: \(\text{₦}8,000\) (bank payment). 3. Bank loan received: \(\text{₦}20,000\) (bank receipt). 4. Transfer of cash to bank: \(\text{₦}5,000\) (cash payment, bank receipt). 5. Wages paid in cash: \(\text{₦}12,000\) (cash payment). 6. Supplier paid in cash: \(\text{₦}4,000\) (cash payment). 7. Bank charges: \(\text{₦}200\) (bank payment). Calculate the closing cash balance and the closing bank balance (state the bank balance as a positive amount if in credit, or as an overdraft if negative).