Loading....

WAEC SSCE - Financial Accounting - 1999 (Objective)

Question 1 Report

Use the following information to answer the
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The cash at bank on 31st July is
Answer Details
To determine the cash at bank on 31st July, we need to add up all the cash inflows and outflows that were made through the bank account. Cash inflows through bank account: - Cheque received from Olawoyin: N3,600 Cash outflows through bank account: - Payment made to Asaolu T. by cheque: N1,500 - Payment made to Haruna by cheque: N1,200 Therefore, the total cash at bank on 31st July is: N6,500 + N3,600 - N1,500 - N1,200 = N7,400 Hence, the answer is N7,400.
Read lesson note on Cashbook (JAMB)
View Answer