Neco 2019 Financial Accounting Question 46
Practice objective / multiple choice question 46 from the 2019 Neco Financial Accounting examination.
The cash book for the month shows an opening balance of \(N60,000\). The following cash transactions were recorded:\n\nReceipts:\n- Cash sales after a 5% trade discount on a listed price of \(N50,000\).\n- Loan received from bank \(N25,000\).\n- Refund received from a supplier (amount unknown).\n\nPayments:\n- Rent \(N12,000\).\n- Salaries \(N18,000\).\n- Purchase of inventory paid cash \(N30,000\).\n- Miscellaneous expenses \(N3,000\).\n\nThe closing balance at month end is \(N70,000\). Determine the amount of the refund received from the supplier.
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About This Question
This is Neco 2019 Financial Accounting Question 46. It is one of the objective questions from the 2019 Neco Financial Accounting examination.
Difficulty level: Medium .
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