Neco Model Questions Vol1 2023 Financial Accounting Question 29
Practice objective / multiple choice question 29 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The cash‑book balance of ABC Ltd as at 30 June is \(\text{₦}85,000\). The bank statement shows a closing balance of \(\text{₦}90,500\). The following items are outstanding: deposits in transit \(\text{₦}4,200\); outstanding cheques - check #101 for \(\text{₦}1,500\) and check #102 for \(\text{₦}2,300\); a bank service charge of \(\text{₦}350\) not yet recorded; a customer's cheque of \(\text{₦}1,800\) was returned unpaid and not yet recorded; and the bank incorrectly credited the account with \(\text{₦}8,050\) belonging to another customer. Prepare a bank reconciliation and state the corrected cash‑book balance.
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About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 29. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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