Neco 2021 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2021 Neco Financial Accounting examination.
Prepare a bank reconciliation for the month and state the adjusted cash balance. The bank statement shows a balance of \(\text{₦}150,000\). The book balance is \(\text{₦}152,500\). Deposits in transit amount to \(\text{₦}8,000\). Outstanding checks total \(\text{₦}5,500\). The bank incorrectly debited a check of \(\text{₦}2,000\) that should have been credited. A customer's cheque was returned NSF for \(\text{₦}1,200\). Bank service charges of \(\text{₦}300\) were deducted. The bank also collected a note for the company amounting to \(\text{₦}3,500\) which is not yet recorded in the books.
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About This Question
This is Neco 2021 Financial Accounting Question 2. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
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