Neco Model Questions Vol1 2022 Financial Accounting Question 17
Practice objective / multiple choice question 17 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
The cash book of a business shows a closing balance of \(\₦150,000\) at the end of the month. The following items are known:\n- Unpresented cheques totalling \(\₦25,000\).\n- Deposits in transit totalling \(\₦12,000\).\n- Bank charges of \(\₦1,200\) (not yet recorded in the cash book).\n- Discount received of \(\₦800\) (recorded in the cash book but not yet reflected in the bank statement).\n- A cash receipt was mistakenly entered as \(\₦50,000\) instead of the correct \(\₦5,000\).\nDetermine the corrected cash book balance after adjusting for the error and prepare the bank reconciliation figure that should appear on the reconciliation statement.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 17. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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