Neco Model Questions Vol1 2018 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
The cash book of XYZ Co. shows a balance of \(\text{₦}90,500\) Dr. The bank statement balance is \(\text{₦}85,000\) Cr. The following items relate to the period: outstanding checks - \(\text{₦}4,200\), \(\text{₦}1,800\) and \(\text{₦}2,500\); deposits in transit - \(\text{₦}3,600\); the bank charged a service fee of \(\text{₦}250\) but the correct fee should be \(\text{₦}150\); a direct credit of \(\text{₦}1,200\) from a customer was omitted from the statement; a cheque for \(\text{₦}500\) was dishonoured and not yet recorded in the cash book. What should be the corrected cash‑book balance after preparing the bank reconciliation?
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About This Question
This is Neco Model Questions Vol1 2018 Financial Accounting Question 48. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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