Waec Model Questions Vol1 2023 Financial Accounting Question 26
Practice objective / multiple choice question 26 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
A single‑column cash book shows an opening cash balance of ₦12,000. During the month the following transactions were recorded: Receipts: - Cash sales ₦8,000 - Cash received from Debtor A ₦4,500 - Cash received from Debtor B ₦2,000 - Loan received ₦5,000 - Cheque deposited (later bounced) ₦3,200 Payments: - Rent ₦3,000 - Salaries ₦2,500 - Purchase of inventory (cash) ₦6,000 - Utilities ₦1,200 A cash discount of 2 % was allowed on a cash sale of ₦5,000 but the discount was not recorded. Determine the corrected closing cash balance at the end of the month.
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About This Question
This is Waec Model Questions Vol1 2023 Financial Accounting Question 26. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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