Waec Model Questions Vol1 2023 Financial Accounting Question 6

XYZ Enterprises keeps a single‑column cash book for the month of March 2023. The opening cash balance on 1 March was ₦45,000. The following transactions were recorded (amounts in ₦): | Date | Particulars | Receipts | Payments | |------|---------------------------|----------|----------| | 3 Mar| Cash sales | 68,000 | | | 5 Mar| Paid electricity bill | | 9,500 | | 8 Mar| Received from A Ltd. (partial) | 25,000 | | | 12 Mar| Purchased inventory (cash) | | 42,000 | | 15 Mar| Received from B Ltd. (full) | 40,000 | | | 18 Mar| Paid salaries | | 30,000 | | 22 Mar| Cash sales | 55,000 | | | 25 Mar| Paid rent | | 12,000 | | 28 Mar| Received from A Ltd. (balance) | 15,000 | | | 30 Mar| Miscellaneous expense | | 5,500 | The bank statement for March shows a closing balance of ₦78,000. The following items are noted on the statement but not yet reflected in the cash book: - Outstanding checks amounting to ₦9,500. - Deposits in transit amounting to ₦20,000. Using the information above, answer the questions that follow.