Neco Model Questions Vol1 2017 Financial Accounting Question 46

XYZ Ltd prepared a trial balance for the year ended 31 December 2017. The balances shown are: | Account | Debit (₦) | Credit (₦) | |---|---|---| | Sales | — | 400,000 | | Cash | — | — | | Sundry Debtors | — | — | | Purchases | 250,000 | — | | Rent Expense | 40,000 | — | | Capital | — | 200,000 | The following additional information is given: - Cash sales during the year were \(150,000\) ₦. - Total credit sales were \(250,000\) ₦. - Sales returns amounted to \(20,000\) ₦ (all on credit). - Cash discounts allowed were \(5,000\) ₦ (on credit sales). - Cash received from debtors during the year was \(180,000\) ₦. - Cash paid for purchases was \(120,000\) ₦. - Cash paid for rent was \(35,000\) ₦; the remaining \(5,000\) ₦ of rent expense is unpaid at year‑end. - The closing cash balance shown in the trial balance is \(200,000\) ₦ (debit). Determine the opening cash balance at the beginning of the year.