Neco 2020 Financial Accounting Question 34
Practice objective / multiple choice question 34 from the 2020 Neco Financial Accounting examination.
The cash book of XYZ Ltd shows a balance of \(\₦152,000\) on 30 June. The bank statement balance for the same date is \(\₦150,000\). The following items are outstanding:\n\n- Deposits in transit: \(\₦8,000\).\n- Outstanding cheques: \(\₦5,500\) and \(\₦3,200\).\n- Bank service charge: \(\₦200\) (not yet recorded in the cash book).\n- Interest earned: \(\₦150\) (credited by the bank).\n- A cash‑book error: a cheque of \(\₦2,300\) was recorded as \(\₦5,000\).\n\nPrepare the bank reconciliation and state the corrected cash‑book balance as of 30 June.
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About This Question
This is Neco 2020 Financial Accounting Question 34. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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