Neco Model Questions Vol1 2020 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
XYZ Co. prepared a cash book showing a balance of \(₦295,000\). The bank statement balance at the same date is \(₦300,000\). The following items are identified: - Deposits in transit: \(₦8,000\) - Outstanding checks: \(₦5,000\) - Bank service charge of \(₦400\) (not yet recorded in the cash book) - Interest earned of \(₦200\) (not yet recorded in the cash book) - A receipt of \(₦2,500\) was mistakenly recorded as \(₦25,000\) in the cash book. Calculate the corrected cash book balance after incorporating all adjustments.
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 3. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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