Neco Model Questions Vol1 2019 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
A cash book for the month shows an opening cash balance of \(\text{N}100,000\). During the month the following cash receipts were recorded: sales \(\text{N}250,000\) and loan proceeds \(\text{N}50,000\). Cash payments were: purchases \(\text{N}180,000\), salaries \(\text{N}45,000\) and rent \(\text{N}20,000\). In addition the bank column shows bank charges of \(\text{N}2,500\) and an overdraft of \(\text{N}5,000\) on which interest at 12% per annum is charged for the month. Determine the closing cash balance at the end of the month.
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About This Question
This is Neco Model Questions Vol1 2019 Financial Accounting Question 26. It is one of the objective questions from the 2019 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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