Waec Model Questions Vol1 2019 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
The Cash ledger account opened with a debit balance of ₦50,000. During the month the following cash transactions occurred:\n1) Paid rent ₦8,000 cash.\n2) Received cash from customers ₦45,000.\n3) Purchased equipment for cash ₦12,000.\n4) Received interest income ₦2,000.\n5) Paid wages ₦15,000.\n6) Repaid a bank overdraft of ₦5,000 by cash.\nDetermine the closing balance of the Cash account and indicate whether it is a debit or credit balance.
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About This Question
This is Waec Model Questions Vol1 2019 Financial Accounting Question 50. It is one of the objective questions from the 2019 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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