Neco 2019 Financial Accounting Question 10
Practice objective / multiple choice question 10 from the 2019 Neco Financial Accounting examination.
The Cash ledger shows an opening debit balance of \(\text{₦}15,000\). During the year cash receipts total \(\text{₦}120,000\) and cash payments total \(\text{₦}130,000\). In addition, a bank overdraft of \(\text{₦}10,000\) is recorded as a credit entry in the Cash ledger. Determine the closing balance of the Cash ledger and indicate whether it is a debit or credit balance.
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About This Question
This is Neco 2019 Financial Accounting Question 10. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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