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 $4,560
Sales of $45,780
$35,000 of his Sale's were Banked
All sales during the year was made on Cash Only.
What is the Cash Book balance at the end of the year?
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Cash Book Balance
3y ago#1Why 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!
3y ago#4The rest of the cash sales are held in petty cash rather than in cash at bank. (But they are still part of sales)
Understood,
Thank You!
3y ago#6You are welcome :-)
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