Neco Model Questions Vol1 2025 Financial Accounting Question 14

A small business keeps a single‑column cash book for March 2025. The following transactions occurred (chronological order): 1. Opening cash balance ₦25,000 2. Cash sales ₦40,000 3. Rent paid ₦8,000 4. Salaries paid ₦12,000 5. Bank loan received (cash) ₦30,000 6. Purchase of inventory paid ₦20,000 7. Electricity bill paid ₦3,500 8. Customer payment on a previously recorded receivable ₦5,000 9. Interest on bank overdraft paid ₦1,200 10. Petty‑cash fund of ₦2,000 used for small expenses totalling ₦1,800; the fund is replenished at month‑end. During the month a cash receipt of ₦2,500 was omitted from the cash book, and a payment of ₦1,000 was recorded twice. Prepare the cash book and give the corrected closing cash balance for March 2025.