Neco 2019 Financial Accounting Question 18
Practice objective / multiple choice question 18 from the 2019 Neco Financial Accounting examination.
A business maintains a double‑column cash book (cash and bank). The opening balances are Cash ₦12,000 and Bank ₦30,000. During the month the following transactions were recorded in the cash column only: - Cash sales of ₦45,000, of which a cash discount of \(2\%\) was allowed. - Cash purchases paid in cash amounting to ₦18,000. - A transfer of ₦5,000 from cash to bank. What is the closing cash balance in the cash book at the end of the month?
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About This Question
This is Neco 2019 Financial Accounting Question 18. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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