Neco Model Questions Vol1 2022 Financial Accounting Question 11
Practice objective / multiple choice question 11 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
The cash book for the month shows an opening balance of \(\₦50,000\). The following receipts were recorded: cash sales \(\₦120,000\), loan received \(\₦30,000\), interest received \(\₦2,500\). The following payments were recorded: rent \(\₦25,000\), salaries \(\₦45,000\), utilities \(\₦8,000\), purchase of inventory \(\₦60,000\). It was later discovered that a cash receipt of \(\₦5,000\) was mistakenly recorded as a payment, and a payment of \(\₦3,000\) was omitted. What is the corrected closing cash balance at the end of the month?
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 11. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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