\(\begin{array}{c|c} July & 1 & \text{cash in han...
Use the following information to answer the Question
July1cash in hand, N420, Cash at BankN6,5002Paid Asaolu T. by chequeN1,5005Paid transport by cashN429Received cheque from OlawoyinN3,60015Cash sales to dateN1,80017Paid Haruna by chequeN1,20019Paid Umana by cashN10031Paid wages by cashN1,500
The cash in hand on 31st July is
N2,220
N2,078
N1,642
N578
Correct answer is D
The cash at hand refers to the amount of money that your business has immediately available on the last day of the reporting period. Hence we have;
Income = 420 + 1800 = 2220
Expense = 42 + 100 + 1500 = 1642
2220 - 1642 = 578
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