Neco 2022 Financial Accounting Question 26

Practice objective / multiple choice question 26 from the 2022 Neco Financial Accounting examination.

Neco 2022 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 26 NECO • 2022 • FINANCIAL_ACCOUNTING • objective

The following extracts from the ledger accounts of XYZ Ltd for the month of March are given. Cash Account Opening balance (Dr) .......... ₦40,000 Cash receipts from customers (Dr) .......... ₦85,000 Rent paid (Cr) .......... ₦12,000 Utilities paid (Cr) .......... X Closing balance (Dr) .......... ? Purchases Account Opening balance (Dr) .......... ₦30,000 Sales Account Opening balance (Cr) .......... ₦150,000 The trial balance of the company shows that total debits equal total credits and each total is ₦215,000. Find the amount X (the utilities paid) and the closing balance of the Cash account.

Answer Options

A. Utilities paid = ₦55,000; Cash closing balance = ₦58,000 (Dr)
B. Utilities paid = ₦60,000; Cash closing balance = ₦53,000 (Dr)
C. Utilities paid = ₦50,000; Cash closing balance = ₦63,000 (Dr)
Correct Answer D. Utilities paid = ₦53,000; Cash closing balance = ₦60,000 (Dr)
Correct Answer
D
Correct Option:
Utilities paid = ₦53,000; Cash closing balance = ₦60,000 (Dr)

About This Question

This is Neco 2022 Financial Accounting Question 26. It is one of the objective questions from the 2022 Neco Financial Accounting examination.

Difficulty level: Medium .

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