Neco 2018 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2018 Neco Financial Accounting examination.
The cash book of XYZ Ltd shows an opening cash balance of \(120,000\) naira. During the month the following transactions were recorded: Receipts: cash sales \(85,000\), loan received \(30,000\). Payments: rent \(25,000\), utilities \(12,000\), purchase of inventory \(40,000\). The cash book records a closing balance of \(58,000\) naira. Later it is discovered that a cash sale of \(15,000\) naira was omitted from the receipts and a payment of \(5,000\) naira for advertising was entered twice. What is the corrected closing cash balance?
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About This Question
This is Neco 2018 Financial Accounting Question 17. It is one of the objective questions from the 2018 Neco Financial Accounting examination.
Difficulty level: Medium .
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