Neco 2024 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2024 Neco Financial Accounting examination.
Bank statement balance at 31 March 2024: \( \text{₦}1{,}200{,}000 \)\nCash‑book balance at 31 March 2024: \( \text{₦}1{,}150{,}000 \)\nAdjustments:\n- Deposits in transit: \( \text{₦}80{,}000 \) (already recorded in cash book)\n- Outstanding checks: \( \text{₦}45{,}000 \) (already recorded in cash book)\n- Bank service fee not recorded in cash book: \( \text{₦}5{,}000 \)\n- A cheque of \( \text{₦}12{,}000 \) was recorded twice in the cash book\n- Bank erroneously credited the account with \( \text{₦}7{,}000 \) (should belong to another customer)\n\nDetermine the corrected cash‑book balance after reconciling all items.
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About This Question
This is Neco 2024 Financial Accounting Question 3. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
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