Neco Model Questions Vol1 2023 Financial Accounting Question 41
Practice objective / multiple choice question 41 from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
The cash book for the month shows an opening cash balance of \(\₦12,000\). The following cash receipts were recorded: cash sales \(\₦8,500\); loan received \(\₦3,200\); and a payment from Customer A of \(\₦1,600\). The cash payments recorded were: rent \(\₦2,400\); utilities \(\₦1,150\); purchase of inventory \(\₦4,800\); and an unknown payment. The closing cash balance at the end of the month is \(\₦4,350\). Determine the amount of the unknown payment.
Answer Options
About This Question
This is Neco Model Questions Vol1 2023 Financial Accounting Question 41. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.