Neco Model Questions Vol1 2021 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2021 Neco Model Questions Vol1 Financial Accounting examination.
The bank cash book of Green Ltd. records an opening overdraft of \(5,000\) naira on 1 January. The following transactions occur each month: January - Receipts: 12,000; Payments: 15,000; Interest on overdraft charged at 1 % of the opening balance for the month. February - Receipts: 8,000; Payments: 9,000; Interest charged at 1 % of the opening balance for February. March - Receipts: 10,000; Payments: 7,000; Interest charged at 1 % of the opening balance for March; an additional cash receipt of unknown amount \(Y\) is received to settle a loan. Determine the amount of \(Y\) required to bring the overdraft balance to zero at the end of March. (Round your answer to the nearest naira.)
Answer Options
About This Question
This is Neco Model Questions Vol1 2021 Financial Accounting Question 45. 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.