Cashbook – NBC Institute

PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

Question

Mr. Dokun, a revenue collector in the High Court of Okoko State, submitted the following information for the month of August 2019:

Date	Payer	Reasons for Payment	Amount (N)
5/8/19	Mr. Okon	Registration of contractor	50,000
14/8/19	Mr. Ahmed	Court fine	135,000
16/8/19	Mr. Charles	Declaration of age	1,000
20/8/19	Mr. Bako	Court fine	500,000
26/8/19	Mrs. Ogun	Registration of contractor	50,000

The money collected under this Revenue Head 300 has the following sub-heads:

Declaration of Age: 002
Court Fine: 005
Registration of Contractor: 115

All payments were made through a designated bank with bank tellers provided by the payers. The revenue collector transferred all the takings to the main cashier on August 29, 2019, and received Treasury receipt number AA12356.

Required:
Write up the revenue collector’s cashbook as at August 31, 2019.

Answer

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Tags: Cashbook, Government Receipts, Public Sector Accountability, Revenue Collection
Level: Level 2

Topic: Government Revenue
Series: NOV 2019

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

Question

The general day-to-day banking activities of business enterprises are bound to generate large volumes of transactions to the extent that there are always disagreements between the bank balance shown in the accounts of an organisation and the balance shown in the bank statement.

(a) You are required to state any FIVE causes of disagreement between the cash book balance and the bank statement.
(5 marks)

(b) The cashbook of Ecobiz Plc showed an overdraft of N180,000 on 31 March 2011 while the bank statement balance was an overdraft of N1.6m. On checking the two records, you made the following discoveries:

Cheques drawn in respect of payment made to suppliers amounting to N250,000 had been entered in the cash book but were yet to be presented to the bank.
Ecobiz Plc instructed the bank to transfer interest of N40,000 due on its bank deposit account to the current account and this was not effected by the bank until April 2011 whereas the entries have been made in the cash book.
The bank made e-payment charges of N50,000 on the company’s account.
The receipt side of the cash book was overcast by N100,000 by the account clerk.
Cheques received and deposited to the bank which amounted to N480,000 had been entered in the cash book but had not been credited by the bank.
E-dividend payments made through the bank by the company amounting to N360,000 were yet to be posted in the company’s cashbook.
A cheque issued for the purchase of office equipment had been entered in the bank statement as N800,000 instead of N300,000.
A cheque for N70,000 issued to one of the suppliers included in (i) above had been erroneously posted on the wrong side of the cash book (i.e. the receipt side).

Prepare the adjusted cash book and a statement reconciling the amended balance with that shown in the bank statement.
(10 marks)

Answer

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Tags: Bank Reconciliation, Cashbook, Day-to-day Banking
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2012

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

Question

The following are the business transactions of Alhaji Aberuagba for the month of June 2020:

Date	Details
June 1	Balances brought forward: Cash ₦9,700, Bank ₦218,600
June 2	The amount due from customers: R. Hausa ₦100,000, C. Kola ₦28,000, P. Peters ₦18,000, R. Chinwe ₦60,000
June 3	Cash sales paid directly into the bank ₦13,400
June 5	Paid rent by cash ₦8,800
June 6	Paid suppliers by cheque after deducting 2½% discount: J. Charles ₦40,000, H. Salam ₦64,000, D. Craig ₦20,000
June 8	Withdrew cash from the bank for business use ₦25,000
June 10	Cash sales ₦20,600
June 12	D. Kehinde paid his account of ₦8,900 by cheque less ₦200 cash discount
June 14	Paid wages by cash ₦254,000
June 16	Paid accounts by cheque: L. Lucas ₦11,700 less ₦6,000 cash discount, D. Fisher ₦20,600 less ₦800 cash discount
June 20	Bought fixtures by cheque ₦800,000
June 24	Bought motor van paid by cheque ₦716,600
June 29	Received ₦16,900 cheque from D. Sanni
June 30	Cash sales ₦116,000

Required:
Record the above transactions in a three-column cashbook.

Answer

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Tags: Cash Transactions, Cashbook, Discounts, Receipts and Payments
Level: Level 1

PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

Question

Mr. Dokun, a revenue collector in the High Court of Okoko State, submitted the following information for the month of August 2019:

Date	Payer	Reasons for Payment	Amount (N)
5/8/19	Mr. Okon	Registration of contractor	50,000
14/8/19	Mr. Ahmed	Court fine	135,000
16/8/19	Mr. Charles	Declaration of age	1,000
20/8/19	Mr. Bako	Court fine	500,000
26/8/19	Mrs. Ogun	Registration of contractor	50,000

The money collected under this Revenue Head 300 has the following sub-heads:

Declaration of Age: 002
Court Fine: 005
Registration of Contractor: 115

Required:
Write up the revenue collector’s cashbook as at August 31, 2019.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cashbook, Government Receipts, Public Sector Accountability, Revenue Collection
Level: Level 2

Topic: Government Revenue
Series: NOV 2019

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

Question

(a) You are required to state any FIVE causes of disagreement between the cash book balance and the bank statement.
(5 marks)

Cheques drawn in respect of payment made to suppliers amounting to N250,000 had been entered in the cash book but were yet to be presented to the bank.
Ecobiz Plc instructed the bank to transfer interest of N40,000 due on its bank deposit account to the current account and this was not effected by the bank until April 2011 whereas the entries have been made in the cash book.
The bank made e-payment charges of N50,000 on the company’s account.
The receipt side of the cash book was overcast by N100,000 by the account clerk.
Cheques received and deposited to the bank which amounted to N480,000 had been entered in the cash book but had not been credited by the bank.
E-dividend payments made through the bank by the company amounting to N360,000 were yet to be posted in the company’s cashbook.
A cheque issued for the purchase of office equipment had been entered in the bank statement as N800,000 instead of N300,000.
A cheque for N70,000 issued to one of the suppliers included in (i) above had been erroneously posted on the wrong side of the cash book (i.e. the receipt side).

Prepare the adjusted cash book and a statement reconciling the amended balance with that shown in the bank statement.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bank Reconciliation, Cashbook, Day-to-day Banking
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2012

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

Question

The following are the business transactions of Alhaji Aberuagba for the month of June 2020:

Date	Details
June 1	Balances brought forward: Cash ₦9,700, Bank ₦218,600
June 2	The amount due from customers: R. Hausa ₦100,000, C. Kola ₦28,000, P. Peters ₦18,000, R. Chinwe ₦60,000
June 3	Cash sales paid directly into the bank ₦13,400
June 5	Paid rent by cash ₦8,800
June 6	Paid suppliers by cheque after deducting 2½% discount: J. Charles ₦40,000, H. Salam ₦64,000, D. Craig ₦20,000
June 8	Withdrew cash from the bank for business use ₦25,000
June 10	Cash sales ₦20,600
June 12	D. Kehinde paid his account of ₦8,900 by cheque less ₦200 cash discount
June 14	Paid wages by cash ₦254,000
June 16	Paid accounts by cheque: L. Lucas ₦11,700 less ₦6,000 cash discount, D. Fisher ₦20,600 less ₦800 cash discount
June 20	Bought fixtures by cheque ₦800,000
June 24	Bought motor van paid by cheque ₦716,600
June 29	Received ₦16,900 cheque from D. Sanni
June 30	Cash sales ₦116,000

Required:
Record the above transactions in a three-column cashbook.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cash Transactions, Cashbook, Discounts, Receipts and Payments
Level: Level 1

Question Tag: Cashbook

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PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

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PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q4a – Government Revenue"

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

You're reporting an error for "FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation"

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

You're reporting an error for "FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

PSA&F – Nov 2019 – L2 – Q4a – Government Revenue

Prepare a revenue collector’s cashbook for the month of August 2019 using provided data.

You're reporting an error for "PSA&F – Nov 2019 – L2 – Q4a – Government Revenue"

FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation

Identify causes of discrepancies between cashbook and bank statement and prepare bank reconciliation.

You're reporting an error for "FA – May 2012 – L1 – SB – Q4 – Bank Reconciliation"

FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

Record business transactions in a three-column cashbook for Alhaji Aberuagba's business in June 2020.

You're reporting an error for "FA – May 2022 – L1 – SB – Q4b – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

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