Neco 2024 Financial Accounting Question 37
Practice objective / multiple choice question 37 from the 2024 Neco Financial Accounting examination.
The cash book of XYZ Ltd. for June shows the following entries (all amounts in ₦):\n\nOpening balance: 45,000\n\nReceipts\n- June 3: Cash sales - 12,500\n- June 5: Cheque received from Debtor A - 8,000 (recorded as cash receipt)\n- June 10: Cash received from Debtor B - 5,500\n\nPayments\n- June 4: Rent paid - 6,000\n- June 9: Wages paid - 3,200\n- June 15: Drawings - 5,000\n\nThe discount of ₦200 received on purchases was omitted, and the cheque from Debtor A should have been recorded in the bank column, not in cash.\n\nDetermine the correct cash balance at the end of June after adjusting for the omitted discount and the mis‑posted cheque receipt.
Answer Options
About This Question
This is Neco 2024 Financial Accounting Question 37. It is one of the objective questions from the 2024 Neco Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.