Neco 2020 Financial Accounting Question 6
Practice objective / multiple choice question 6 from the 2020 Neco Financial Accounting examination.
If the purchases journal for June shows total debits of \(1,200,000\) naira and total credits of \(1,200,000\) naira. The recorded entries are: (i) Purchase of inventory on credit \(700,000\) naira (debit inventory, credit accounts payable); (ii) Purchase returns \(50,000\) naira (debit accounts payable, credit inventory); (iii) Discount received \(150,000\) naira (credit discount received); (iv) Cash sales of \(300,000\) naira (credit sales). The cash amount received from customers for the cash sales is omitted as a debit entry. Determine the cash received amount.
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About This Question
This is Neco 2020 Financial Accounting Question 6. It is one of the objective questions from the 2020 Neco Financial Accounting examination.
Difficulty level: Medium .
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