PRC-1 · Chapter 3 · Question 38 of 100
'BlueSky Logistics' has an opening bank balance of Rs. 50,000. During the month, the following transactions occur: Cash received from credit customers Rs. 85,000; Cash sales Rs. 20,000; Payments to credit suppliers Rs. 45,000; Credit sales Rs. 100,000. What is the closing bank balance?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Rs. 110,000
Explanation
Credit sales do not immediately affect the bank balance. Closing Bank = Opening (50,000) + Receipts from receivables (85,000) + Cash sales (20,000) - Payments to suppliers (45,000) = Rs. 110,000.
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