Neco Model Questions Vol1 2021 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The bank statement shows a balance of \(₦1,250,000\) as at 31 December, while the cash book shows a balance of \(₦1,210,000\). The following items are noted: deposits in transit of \(₦45,000\); outstanding checks of \(₦30,000\); bank service charges of \(₦5,000\) not yet recorded in the cash book; a bank error that credited the account with \(₦12,000\); interest earned of \(₦3,000\) not yet recorded; and a customer's cheque of \(₦20,000\) that was deposited but later bounced. What is the corrected cash‑book balance after reconciliation?
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About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 3. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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