Neco 2021 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2021 Neco Financial Accounting examination.
During the year XYZ Ltd recorded the following cash transactions: (i) Purchased inventory on credit for \(\text{₦}40{,}000\). (ii) Sold goods costing \(\text{₦}25{,}000\) for cash \(\text{₦}45{,}000\). (iii) Paid salaries cash \(\text{₦}12{,}000\). (iv) Received cash from a debtor \(\text{₦}15{,}000\). (v) Paid cash for equipment purchase \(\text{₦}20{,}000\). The opening balances were: Cash \(\text{₦}10{,}000\), Inventory \(\text{₦}30{,}000\), Accounts Receivable \(\text{₦}20{,}000\), Capital \(\text{₦}50{,}000\). No other transactions occurred. What is the closing cash balance at year‑end?
Answer Options
About This Question
This is Neco 2021 Financial Accounting Question 8. It is one of the objective questions from the 2021 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.