Neco Model Questions Vol1 2021 Financial Accounting Question 42
Practice objective / multiple choice question 42 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The bank cash book of XYZ Traders for the month shows an opening balance of \(5,000\) naira. Receipts recorded are: Cash sales \(20,000\), Collections from debtors \(10,000\), Interest received \(500\) and an unknown receipt \(R\). Payments recorded are: Purchases \(18,000\), Salaries \(7,000\), Rent \(3,000\), Utilities \(1,200\) and Drawings \(2,500\). The bank statement at month‑end shows a closing balance of \(4,200\) naira. Reconciliation indicates deposits in transit of \(1,800\) naira and outstanding checks of \(1,500\) naira. Determine the amount of the unknown receipt \(R\) and the cash book closing balance after reconciliation.
Answer Options
About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 42. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.