Neco 2019 Financial Accounting Question 38
Practice objective / multiple choice question 38 from the 2019 Neco Financial Accounting examination.
The cash book was opened with a balance of \(\text{₦}150,000\). During the month the following transactions occurred:\n- Cash sales of \(\text{₦}120,000\), of which a discount of 5% was allowed on a \(\text{₦}20,000\) sale.\n- Cash received from debtors: \(\text{₦}45,000\).\n- Interest received: \(\text{₦}2,000\).\n- A cheque received for \(\text{₦}10,000\) later bounced.\n- Payments: rent \(\text{₦}30,000\), salaries \(\text{₦}25,000\), cash purchase of inventory \(\text{₦}40,000\), bank charges \(\text{₦}1,500\).\nCalculate the closing cash balance at the end of the month.
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About This Question
This is Neco 2019 Financial Accounting Question 38. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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