Neco Model Questions Vol1 2022 Financial Accounting Question 35
Practice objective / multiple choice question 35 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
A cash book shows a balance of \(\,\text{₦}152,000\). The bank statement balance is \(\,\text{₦}150,000\). Deposits in transit amount to \(\,\text{₦}12,500\) and outstanding checks total \(\,\text{₦}9,800\). Bank service charges of \(\,\text{₦}500\) and interest earned of \(\,\text{₦}300\) appear on the statement but are not yet recorded in the cash book. In addition, a deposit of \(\,\text{₦}2,000\) was omitted from the bank statement. Determine the corrected bank statement balance and the cash shortfall (or surplus) after reconciliation.
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About This Question
This is Neco Model Questions Vol1 2022 Financial Accounting Question 35. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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