Neco Model Questions Vol1 2017 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
The single‑column cash book of ABC Co. for June shows an opening balance of \(15,000\) Naira. Recorded receipts are: cash sales \(40,000\) Naira; amount received from Debtor A \(12,000\) Naira; amount received from Debtor B \(7,080\) Naira (the correct amount should be \(7,800\) Naira); interest received \(1,200\) Naira. Recorded payments are: rent paid \(8,000\) Naira; payment to Creditor C \(5,000\) Naira; salaries paid \(9,000\) Naira; drawings \(3,000\) Naira. A bank commission of \(500\) Naira was deducted from the cash balance but not recorded. Determine the correct closing cash balance at the end of June.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 3. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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