Neco Model Questions Vol1 2018 Financial Accounting Question 14
Practice objective / multiple choice question 14 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
A combined cash book shows an opening cash balance of \(\N20,000\). The following transactions were recorded during the month:\n- Receipts: cash sales \(\N45,000\), loan received \(\N30,000\).\n- Payments: rent \(\N15,000\), salaries \(\N12,000\), purchase of inventory \(\N20,000\).\nBank charges of \(\N500\) and interest on an overdraft of 2% per month (overdraft amount \(\N5,000\)) were not yet recorded in the cash book. Determine the adjusted closing cash balance after recording these bank items.
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 14. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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