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Dear John,
Kindly help me with this question;During the year FA ltd had the following cash transaction’s;
Opening Cash Balance of $365- Dr
Sundry Expenses of $2,200
Wages of $4,560Sales of $45,780
$35,000 of his Sale’s were BankedAll sales during the year was made on Cash Only.
What is the Cash Book balance at the end of the year?
Why are you attempting a question for which you do not have an answer? You should be using a Revision Kit from one of the ACCA Approved Publishers – it has answers and explanations.
The balance on the cash at bank account will be 365 – 2,200 – 4560 + 35,000 = 28605 Dr
This was a question from a live exam.
I had to reschedule my exam to a different day as I got into a technical error after completing halfway through the exam 🙁
And Thank You for Explaining the answer!
I appreciate it very much 🙂Also May I ask what happens to the rest of the Cash Sale’s of $10,780 ($45,780 – $35,000) ?
Why aren’t we including this amount of cash received from sales?Thanks!
The rest of the cash sales are held in petty cash rather than in cash at bank. (But they are still part of sales)
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