- 6 Marks
FA – Nov 2023 – L1 – SB – Q4C – Accounting from Incomplete Records
Calculate missing figures using incomplete records for a business.
Question
Igba Enterprises, a small business, has incomplete records for the month of September 2023. Suspecting discrepancies, the proprietor has invited an accountant to assist in investigating the books. The available information includes the following details:
- Opening cash balance as at September 1, 2023 – ₦100,000
- Payments to suppliers – ₦1,350,000
- Opening bank balance as at September 1, 2023 – ₦750,000
- Payment to employees – ₦525,000
- Closing cash balance as at September 30, 2023 – ₦162,000
- Receipts during September – ₦2,300,000
- Closing bank balance as at September 30, 2023 – ₦950,000
Required:
Using the information provided, calculate any missing figure and clearly show all necessary calculations.
Find Related Questions by Tags, levels, etc.
- Tags: Cash and Bank Reconciliation, Incomplete Records
- Level: Level 1
- Topic: Accounting from Incomplete Records
- Series: NOV 2023
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