Neco 2021 Financial Accounting Question 31
Practice objective / multiple choice question 31 from the 2021 Neco Financial Accounting examination.
The Cash ledger shows the following cash transactions during the period: cash receipts from sales ₦40,000 and collections from debtors ₦20,000; cash payments for purchases ₦12,000, expenses ₦10,000 and owner's withdrawal ₦8,000. The closing cash balance is ₦45,000 and it is known that total cash receipts equal twice the total cash payments. Use the relation \( \text{Opening}=\text{Closing}-\text{Receipts}+\text{Payments} \). What was the opening balance of the Cash ledger?
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About This Question
This is Neco 2021 Financial Accounting Question 31. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
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