Neco 2019 Financial Accounting Question 37
Practice objective / multiple choice question 37 from the 2019 Neco Financial Accounting examination.
The bank statement shows a balance of \(\text{₦}1,200,000\). The cash book balance is \(\text{₦}1,150,000\). Deposits in transit amount to \(\text{₦}80,000\) and outstanding checks total \(\text{₦}30,000\). The bank charged a service fee of \(\text{₦}5,000\) that was not recorded in the cash book, and a cheque of \(\text{₦}20,000\) was omitted from the cash book. An error by the bank resulted in an extra credit of an unknown amount \(E\). Determine the value of \(E\) so that the adjusted bank balance equals the adjusted cash book balance after reconciliation.
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About This Question
This is Neco 2019 Financial Accounting Question 37. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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