Waec Model Questions Vol1 2024 Financial Accounting Question 50
Practice objective / multiple choice question 50 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
The cash account had an opening balance of ₦150,000 on 1 January. During January the following cash transactions occurred: (i) cash received from customers ₦85,000; (ii) cash paid for rent ₦20,000; (iii) cash paid for utilities ₦5,500; (iv) cash paid for equipment ₦30,000; (v) cash loan received from bank ₦40,000; (vi) cash dividend paid ₦12,000. A bank statement shows that a cheque of ₦7,500 issued on 28 January was not presented until February, and a bank charge of ₦500 appears on the statement but has not yet recorded. Prepare the cash ledger for January and state the corrected cash balance as at 31 January after recording the unpresented cheque and the bank charge.
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About This Question
This is Waec Model Questions Vol1 2024 Financial Accounting Question 50. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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