Neco 2021 Financial Accounting Question 41

During June the cash book (double column) shows the following entries (amounts in Naira): Opening balances - Cash: 30,000 ; Bank: 20,000. Cash receipts only in cash column: sales 12,000 and loan 5,000. Cash payments only in cash column: purchases 8,000 and salaries 3,000. Bank receipts: customers 15,000 and interest earned 2,000. Bank payments: supplier 10,000, bank charges 1,500 and an interest expense of 800 that is recorded only in the bank column. Calculate the closing balance of the cash column and the bank column using the relations \(\text{Closing Cash}=\text{Opening Cash}+\text{Cash Receipts}-\text{Cash Payments}\) and \(\text{Closing Bank}=\text{Opening Bank}+\text{Bank Receipts}-\text{Bank Payments}\).