Neco Model Questions Vol1 2019 Financial Accounting Question 8

The bank statement for a company shows a balance of \(85,000\) Naira at 31 March. The cash book balance for the same date is \(78,000\) Naira. The following items are known:\n\n• Outstanding checks: \(5,000\) Naira, \(4,000\) Naira and \(3,000\) Naira.\n• Deposits in transit: \(7,500\) Naira.\n• The bank charged a service fee of \(1,200\) Naira not yet recorded in the cash book.\n• A customer's cheque of \(2,800\) Naira was returned unpaid and is not recorded in the cash book.\n• The bank mistakenly credited \(3,600\) Naira to the account; this amount must be deducted.\n• A direct cash deposit of \(2,500\) Naira made at the bank was omitted from the cash book.\nDetermine the corrected cash book balance after reconciling all the above items.