Waec Model Questions Vol1 2022 Financial Accounting Question 29
Practice objective / multiple choice question 29 from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
The cash book for June opened with a balance of ₦20,000 and shows a closing balance of ₦46,680. The following transactions were recorded: cash sales ₦15,000; receipt from debtor A ₦8,000; rent paid ₦5,500; payment to supplier B recorded as ₦3,020 (the correct amount is ₦3,200); loan proceeds of ₦12,000 were mistakenly entered on the credit side instead of the debit side; a bank commission of ₦200 was omitted. Identify the two errors, correct them and state the correct closing balance of the cash book.
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About This Question
This is Waec Model Questions Vol1 2022 Financial Accounting Question 29. It is one of the objective questions from the 2022 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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