Neco Model Questions Vol1 2017 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
The cash book (two‑column) of DEF Ltd for the quarter ended 30 September 2017 shows the following entries (amounts in ₦): | Date | Details | Debit (Cash) | Credit (Cash) | |---|---|---|---| | 1 Apr | Opening balance | 40,000 | — | | — | Cash sales | 300,000 | — | | — | Received from debtors | 120,000 | — | | — | Paid to suppliers | — | 180,000 | | — | Rent paid | — | 45,000 | | — | Salaries paid | — | 70,000 | | — | Transfer to bank | — | 50,000 | | 30 Sep | Closing balance | ? | — | Additionally, the bank column shows a closing balance of \(60,000\) ₦ (debit) and the total of bank side debits is \(200,000\) ₦ while total credits is \(140,000\) ₦. Determine the closing cash balance at 30 September 2017.
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About This Question
This is Neco Model Questions Vol1 2017 Financial Accounting Question 48. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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