Use the following information to answer the question The following transactions were recorded in the...
FINANCIAL
WAEC 2023
Use the following information to answer the question
The following transactions were recorded in the cash book of Ibusah for the month of February 2019:
| D | |
Balance b/f | 200,000 |
| Commission received | 180,000 |
| Receipts from Ojah | 98,000 |
| Electricity bill | 40,000 |
Rent | 73,400 |
| Drawings | 28,600 |
| Insurance | 12,800 |
- A. D 278,300
- B. D 154,800
- C. D 478,300
- D. D 323,500
Correct Answer: D. D 323,500
Explanation
Balance Brought Down = Opening Balance + Income - (Expenses + Drawings)
Balance Brought Down = (D200,000 + D180,000 + D98,000) - (D40,000 + D73,400 + D28,600 + D12,800)
= 478,000 - 154,800
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