Neco 2021 Financial Accounting Question 7

The following information relates to the cash transactions of XYZ Ltd for the month ended 31 March 2021. Cash book (bank side) balance at 31 March 2021: ₦ 1,250,000 Bank statement balance at 31 March 2021: ₦ 1,180,000 Outstanding items (not yet cleared by the bank): - Cheque No. 1025 dated 28 March for ₦ 45,000 (still outstanding) - Cheque No. 1030 dated 30 March for ₦ 32,500 (still outstanding) - Deposit made on 30 March for ₦ 78,000 not yet reflected in the statement Bank side adjustments: - Bank service charges of ₦ 2,500 (deducted by the bank) - Interest earned on the balance of ₦ 1,500 (credited by the bank) - The bank incorrectly credited ₦ 8,000 to XYZ Ltd’s account for a customer’s payment that belongs to a different account. Company side errors: - A cheque of ₦ 12,000 issued on 25 March was recorded in the cash book as ₦ 21,000. - A direct debit of ₦ 5,500 for electricity was not recorded in the cash book. - A receipt of ₦ 9,000 from a customer was entered on the cash book on the wrong side (debit instead of credit). Using the above information, answer the questions that follow.