- 1 Marks
Question
In a cash book, the opening balance was N70,600, closing balance was N9,200, and the total cash received during the period was N180,000. What was the amount of cash paid out during the period?
A. N79,000
B. N98,000
C. N100,200
D. N118,600
E. N241,400
Answer
E
Explanation:
Option E is correct because the cash paid out can be calculated using the formula:
Cash Paid Out = Opening Balance + Cash Received – Closing Balance.
(70,600 + 180,000 – 9,200 = 241,400).
- Tags: Balances, Cash Book, Financial Records
- Level: Level 1
- Topic: Recording Financial Transactions
- Series: NOV 2022
- Uploader: Theophilus