Neco Model Questions Vol1 2021 Financial Accounting Question 36

Practice objective / multiple choice question 36 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Neco Model Questions Vol1 2021 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 36 NECO_MODEL_QUESTIONS_VOL1 • 2021 • FINANCIAL_ACCOUNTING • objective

The cash book for the month shows an opening balance of N100,000. During the month the following cash receipts were recorded: cash sales N45,000, loan received N20,000 and an unknown receipt X. Cash payments recorded were: rent N15,000, salaries N12,000, utilities N5,000 and an unknown payment Y. The total cash receipts for the month are given as N70,000 and the closing balance is N118,000. Determine the amount of the unknown cash payment Y and the net increase in cash during the month.

Answer Options

Correct Answer A. Y = N20,000; net increase = N18,000
B. Y = N25,000; net increase = N13,000
C. Y = N15,000; net increase = N23,000
D. Y = N30,000; net increase = N8,000
Correct Answer
A
Correct Option:
Y = N20,000; net increase = N18,000

About This Question

This is Neco Model Questions Vol1 2021 Financial Accounting Question 36. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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