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Use the following information to answer the question below April 11: Sold goods for cash...

Accounts - Principles of Accounts
WAEC 2019

Use the following information to answer the question below

April 11: Sold goods for cash N50,000 
April 20: Bought goods for cash N30,000
April 26: Bought postage stamp N5,000 
April 28: Cash sales N49,000
April 29: Cash purchases N11,000
April 30: Paid salaries N18,000

The cash balance at the end of the period is

  • A. N99,000
  • B. N64,000
  • C. N35,000
  • D. N34,000
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Correct Answer: Option C
Explanation

cash balance = cash sales - expenses

99,000 - (30,000 + 5,000 + 11,000 + 18,000)
99,000 - 64,000 = 35,000


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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts