Neco Model Questions Vol1 2020 Financial Accounting Question 8
Practice objective / multiple choice question 8 from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
The cash book of a business for the month shows the following balances (all figures in ₦): Cash column - opening balance = 50,000; cash receipts = 120,000; cash payments = 80,000. Bank column - opening balance = 200,000; bank receipts = 150,000; bank payments = 130,000. The bank statement issued at month‑end shows a closing balance of 225,000. The following reconciling items are identified: - Outstanding checks amounting to 15,000. - Deposits in transit amounting to 10,000. - A bank error that resulted in an extra credit of 5,000 to the company's account. After adjusting for these items, what is the corrected total balance (cash + bank) that should appear in the cash book at month‑end?
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About This Question
This is Neco Model Questions Vol1 2020 Financial Accounting Question 8. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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