Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Cash Book Balance
- This topic has 6 replies, 2 voices, and was last updated 1 month ago by John Moffat.
- February 7, 2023 at 11:11 pm #678504
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?February 8, 2023 at 8:26 am #678518
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 DrFebruary 8, 2023 at 6:55 pm #678564
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 🙂February 8, 2023 at 7:17 pm #678566
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!February 9, 2023 at 7:38 am #678598
The rest of the cash sales are held in petty cash rather than in cash at bank. (But they are still part of sales)February 9, 2023 at 1:37 pm #678643
Thank You!February 9, 2023 at 4:13 pm #678664
You are welcome 🙂
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