Neco 2022 Financial Accounting Question 47

During March the following transactions were recorded:\n\n1. Purchased inventory on credit for \(\text{₦}120,000\).\n2. Sold goods for cash \(\text{₦}180,000\) with cost of goods sold \(\text{₦}110,000\).\n3. Paid salaries \(\text{₦}30,000\).\n4. Received cash from a customer for a previously recorded accounts receivable, amount unknown.\n\nThe trial balance at month‑end shows these balances (debit side first):\n\n- Inventory \(\text{₦}70,000\)\n- Cost of Goods Sold \(\text{₦}110,000\)\n- Salaries Expense \(\text{₦}30,000\)\n- Cash \(\text{₦}?\)\n- Accounts Receivable \(\text{₦}?\)\n\nCredit side:\n\n- Accounts Payable \(\text{₦}120,000\)\n- Sales Revenue \(\text{₦}180,000\)\n- Capital \(\text{₦}200,000\)\n\nThe cash balance at the beginning of March was \(\text{₦}20,000\) and there were no other cash transactions. It is known that the cash received cleared the entire accounts receivable. Determine the amount of cash received from the customer and the ending cash balance.