A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out d...
Question 1 Report
A cash book had opening balance of ₦15,200 closing balance ₦18,400 and total cash received during the period ₦36,000. What was the amount of cash paid out during the same period?
Answer Details
To solve this problem, we need to use the basic accounting equation:
Opening balance + Total cash received - Total cash paid out = Closing balance
We know that the opening balance was ₦15,200, the closing balance was ₦18,400, and the total cash received was ₦36,000. We can rearrange the equation to solve for the total cash paid out:
Total cash paid out = Opening balance + Total cash received - Closing balance
Total cash paid out = ₦15,200 + ₦36,000 - ₦18,400
Total cash paid out = ₦32,800
Therefore, the amount of cash paid out during the period was ₦32,800.
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