Waec Model Questions Vol1 2017 Financial Accounting Question 6

A sole trader maintains a single‑column cash book for cash transactions. The following transactions occurred during the month of March. | Date | Description | Cash Receipts (N) | Cash Payments (N) | |------|---------------------------------|-------------------|-------------------| | 3/02 | Cash sales to customers | 48,000 | | | 3/05 | Paid rent for March | | 10,000 | | 3/07 | Received cash from a client (outstanding account) | 12,500 | | | 3/10 | Purchased inventory for cash | | 22,000 | | 3/12 | Paid salaries | | 15,000 | | 3/15 | Received cheque from a customer (N15,000) – deposited in bank but not yet cleared | | | | 3/18 | Paid utilities | | 3,500 | | 3/22 | Owner withdrew cash for personal use (drawings) | | 5,000 | | 3/27 | Cash sales to customers | 30,000 | | | 3/30 | Paid advertising | | 4,000 | The opening cash balance on 1 March was N5,000. Answer the following: