Neco 2020 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2020 Neco Financial Accounting examination.
The cash book of ABC Co. shows a balance of \(\₦76,400\) on 30 June. The bank statement balance for the same date is \(\₦85,000\). The following items are identified:\n\n- Deposits in transit: \(\₦3,500\).\n- Outstanding cheques: \(\₦2,800\).\n- Bank service charge: \(\₦250\) (not yet recorded in the cash book).\n- Bank error: a deposit of \(\₦12,000\) was recorded by the bank but should have been \(\₦1,200\).\n- Cash‑book error: a cheque of \(\₦2,500\) was recorded as \(\₦1,000\).\n\nDetermine the corrected cash‑book balance after completing the bank reconciliation.
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About This Question
This is Neco 2020 Financial Accounting Question 35. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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