Neco Model Questions Vol1 2025 Financial Accounting Question 45
Practice objective / multiple choice question 45 from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
The cash book of Gamma Co. was opened on 1 January with a balance of \(50,000\). During January the following cash transactions were recorded: Receipts: - Cash sales: \(120,000\) - Loan received: \(30,000\) - Interest received: \(2,000\) Payments: - Purchase of inventory: \(80,000\) - Rent paid: \(15,000\) - Salaries paid: \(25,000\) In addition, two items have not yet been posted in the cash book: bank service charges of \(1,200\) and a cheque of \(5,000\) that was issued but subsequently bounced. What is the closing cash balance at the end of January after posting all entries?
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About This Question
This is Neco Model Questions Vol1 2025 Financial Accounting Question 45. It is one of the objective questions from the 2025 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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