Waec Model Questions Vol1 2020 Financial Accounting Question 43
Practice objective / multiple choice question 43 from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
The following transactions were recorded during the month: 1. Purchased inventory on credit ₦150,000. 2. Sold goods for cash ₦200,000; the cost of goods sold was ₦120,000. 3. Paid cash for rent ₦30,000. 4. Received cash from a debtor ₦50,000, which settled part of the account receivable. 5. The cash sales of ₦200,000 were subject to a 5 % sales discount that was granted at the time of receipt. Opening cash balance at the start of the month was ₦20,000. After posting all the above to the appropriate books of original entry, what is the closing cash balance?
Answer Options
About This Question
This is Waec Model Questions Vol1 2020 Financial Accounting Question 43. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.