Waec Model Questions Vol1 2018 Financial Accounting Question 7
Practice essay / theory question 7 from the 2018 Waec Model Questions Vol1 Financial Accounting examination. This question covers Bank Reconciliation .
XYZ Ltd prepared its cash book showing a cash balance of ₦150,000 as at 31 March 2023. The bank statement for the same date shows a closing balance of ₦165,000. The following information is known: 1. Outstanding cheques amounting to ₦12,000. 2. Deposits in transit totalling ₦8,500. 3. Bank service charges of ₦1,200. 4. Interest earned on the bank balance of ₦500. 5. A customer's cheque of ₦4,300 was returned unpaid. 6. A recording error: a cheque of ₦8,000 was entered in the cash book as ₦80,000. 7. A bank error: a credit of ₦5,000 was omitted from the bank statement. Using the above information, prepare a bank reconciliation statement and answer the questions that follow.
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This is Waec Model Questions Vol1 2018 Financial Accounting Question 7. It is one of the essay questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The question covers Bank Reconciliation .
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