Neco 2017 Financial Accounting Question 47
Practice objective / multiple choice question 47 from the 2017 Neco Financial Accounting examination.
The cash book of ABC Enterprises shows an opening balance of \(\text{₦}45,000\). Receipts during the period are \(\text{₦}20,000\) from cash sales and \(\text{₦}15,000\) from a loan. Payments recorded are \(\text{₦}10,000\) rent, \(\text{₦}12,500\) to Supplier A (entered twice by mistake), \(\text{₦}8,000\) salaries and a bank interest charge of \(\text{₦}500\). What is the corrected closing cash balance after removing the duplicate payment?
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About This Question
This is Neco 2017 Financial Accounting Question 47. It is one of the objective questions from the 2017 Neco Financial Accounting examination.
Difficulty level: Medium .
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