Neco 2025 Financial Accounting Question 22
Practice objective / multiple choice question 22 from the 2025 Neco Financial Accounting examination.
The cash book of XYZ Ltd shows a closing balance of \(\text{₦}150,000\). The bank statement for the same date shows a closing balance of \(\text{₦}165,000\). The following reconciling items are known: outstanding checks \(\text{₦}12,000\), deposits in transit \(\text{₦}5,000\), a bank service charge of \(\text{₦}1,000\) that has already been recorded in the cash book, and interest of \(\text{₦}2,000\) credited by the bank but not yet recorded in the cash book. It is later discovered that one transaction was omitted from the cash book. Determine the amount of the omitted transaction and state whether it was a receipt or a payment.
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About This Question
This is Neco 2025 Financial Accounting Question 22. It is one of the objective questions from the 2025 Neco Financial Accounting examination.
Difficulty level: Medium .
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