Neco 2024 Financial Accounting Question 31

Practice objective / multiple choice question 31 from the 2024 Neco Financial Accounting examination.

Neco 2024 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 31 NECO • 2024 • FINANCIAL_ACCOUNTING • objective

The cash book for the month shows an opening cash balance of \(15,000\). Cash receipts from sales amount to \(48,000\) and collections from debtors \(12,000\). The total cash receipts for the month are \(70,000\). Cash payments are: purchases \(30,000\), wages \(8,000\), rent \(5,000\) and other payments \(4,000\). Determine the amount of the unknown cash receipt and the closing cash balance at the end of the month.

Answer Options

A. Unknown receipt = 8,000; Closing balance = 36,000
B. Unknown receipt = 12,000; Closing balance = 40,000
Correct Answer C. Unknown receipt = 10,000; Closing balance = 38,000
D. Unknown receipt = 14,000; Closing balance = 42,000
Correct Answer
C
Correct Option:
Unknown receipt = 10,000; Closing balance = 38,000

About This Question

This is Neco 2024 Financial Accounting Question 31. It is one of the objective questions from the 2024 Neco Financial Accounting examination.

Difficulty level: Medium .

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