Neco 2020 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2020 Neco Financial Accounting examination.
Opening balances are: Sales (credit) N200,000; Purchases (debit) N120,000; Cash (debit) N50,000. The following transactions were recorded in the journal but not yet posted: (i) cash sales of N30,000, (ii) credit purchases of N20,000, (iii) cash paid for purchases N15,000. After posting, it is discovered that a purchase of N5,000 was mistakenly recorded as a sale. Determine the final balance of the Cash account.
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About This Question
This is Neco 2020 Financial Accounting Question 2. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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