Neco 2024 Financial Accounting Question 24
Practice objective / multiple choice question 24 from the 2024 Neco Financial Accounting examination.
The cash book for the month starts with a balance of ₦80,000. Receipts during the month are cash sales of ₦45,000 and a bank loan received of ₦20,000. Payments are rent ₦12,000, salaries ₦18,000 and cash purchase of supplies ₦10,000. The bank statement at month‑end shows a closing balance of ₦95,000, with outstanding checks totalling ₦8,000 and deposits in transit of ₦5,000. What should be the corrected bank balance after reconciling the statement with the cash book?
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About This Question
This is Neco 2024 Financial Accounting Question 24. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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