\(\begin{array}{c|c} July & 1 & \text{cash in han...
Use the following information to answer the Question
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ & 2 & \text{Paid Asaolu T. by cheque} & N1,500 \\ & 5 & \text{Paid transport by cash} & N42 \\ & 9 & \text{Received cheque from Olawoyin} & N3,600 \\ & 15 & \text{Cash sales to date} & N1,800 \\ & 17 & \text{Paid Haruna by cheque} & N1,200 \\ & 19 & \text{Paid Umana by cash} & N100 \\ & 31 & \text{Paid wages by cash} & N1,500 \end{array}\)
The cash in hand on 31st July is
N2,220
N2,078
N1,642
N578
Correct answer is D
The cash at hand refers to the amount of money that your business has immediately available on the last day of the reporting period. Hence we have;
Income = 420 + 1800 = 2220
Expense = 42 + 100 + 1500 = 1642
2220 - 1642 = 578
Which of the following is a credit item on an income and expenditure account? ...
Shares sold at the nominal value are issued at ...
The chief accounting officer of Nigeria is called the ...
keeping records under the single entry system has the advantage of ...
Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hli...
A general journal contains? ...
The process of recording financial transactions of government is ...