Neco Model Questions Vol1 2022 Financial Accounting Question 27
Practice objective / multiple choice question 27 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
The trial balance of a company shows total debits of \(\text{₦}1,200,000\) and total credits of \(\text{₦}1,200,000\). The Cash account currently records an opening debit balance of \(\text{₦}100,000\), cash receipts of \(\text{₦}500,000\) from sales and \(\text{₦}200,000\) from a loan, and cash payments of \(\text{₦}300,000\) for purchases, \(\text{₦}80,000\) for rent and \(\text{₦}150,000\) for salaries. No other cash transactions are recorded. Identify the amount and the side (debit or credit) of the missing cash transaction that would keep the trial balance in balance.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 27. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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