Neco 2020 Financial Accounting Question 30
Practice objective / multiple choice question 30 from the 2020 Neco Financial Accounting examination.
The cash book of a business contains both cash and bank columns. Opening balances are Cash \(8{,}000\) and Bank \(12{,}000\). The following transactions were recorded during the month:\n1. Cash sales received \(25{,}000\).\n2. Cash paid for purchases \(10{,}000\).\n3. Cash deposited into the bank \(15{,}000\).\n4. Cheque issued to a supplier for \(8{,}000\).\n5. Bank interest received \(500\).\n6. Bank charges of \(200\) deducted.\n7. A contra entry withdrawing \(5{,}000\) from the bank and adding it to cash.\nDetermine the closing balances of the Cash and Bank columns at the end of the month.
Answer Options
About This Question
This is Neco 2020 Financial Accounting Question 30. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.