Neco 2020 Financial Accounting Question 13
Practice objective / multiple choice question 13 from the 2020 Neco Financial Accounting examination.
The cash book balance as at 30\,June is ₦250,000. The bank statement balance for the same date shows ₦265,000. Deposits in transit amount to ₦18,000 and outstanding checks total ₦30,000. The bank charged a service fee of ₦2,500 that has not yet been recorded in the cash book. Additionally, the bank incorrectly debited a customer's cheque of ₦5,000 (bank error). The bank also collected a note receivable on behalf of the company for ₦10,500, which is not yet recorded in the cash book. Determine the corrected cash book balance after reconciliation.
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About This Question
This is Neco 2020 Financial Accounting Question 13. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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