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A company's cashbook has an opening balance of 4,860 debit. The following transactions then took place:
(a) Cash sales - 23,500, including VAT of 3,500
(b) Receipts from customers - 18,600
(c) Payments to payables 12,400, less cash discounts of 240
(d) Bank Charges - 260
What will be the resulting balance in the cash book?
Suggested Answer: D
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33 comments · newest first
BR
Brynn
11 months ago
I'm going with option B, seems right!
ME
Melissa
11 months ago
Wait, how does VAT affect the final balance?
HO
Hobert
11 months ago
Payments to payables are a big factor too.
AD
Adelaide
12 months ago
I think the cash sales really boost the balance!
KE
Kenneth
12 months ago
The opening balance is 4,860 debit.
CR
Cristal
1 year ago
I feel confident that the opening balance plus cash inflows minus outflows will give us the final balance, but I can't recall the exact numbers.
CA
Carri
1 year ago
I’m a bit confused about how the cash discounts affect the total. Do we subtract that from the payments or the total cash?
LE
Levi
1 year ago
I think we need to add the cash sales and receipts, then subtract the payments and bank charges. It should be straightforward, right?
JA
Jaclyn
1 year ago
I remember we practiced similar cashbook questions, but I'm not sure how to handle the VAT part correctly.
FR
Franklyn
1 year ago
I'm feeling pretty confident about this. I'll work through the numbers systematically and I'm sure I can arrive at the right answer.
MI
Mitzie
1 year ago
Okay, I think I've got it. Let me work through this step-by-step and make sure I don't miss anything.
TR
Trina
1 year ago
Hmm, not sure I fully understand the VAT component in the cash sales. I'll need to double-check how to properly account for that.
CH
Christiane
1 year ago
This looks like a straightforward cash book reconciliation question. I'll start by listing out all the transactions and their impact on the opening balance.
KI
Kiley
1 year ago
The discounts on the payables payments are throwing me off a bit. I'll need to be careful to calculate the net payments correctly.
RE
Rene
1 year ago
Hmm, I'm a bit unsure about this one. I know portfolio management involves a lot of different roles, but I'm not totally clear on the specific responsibilities of each. I'll have to think it through step-by-step.
PA
Paulina
1 year ago
I feel pretty confident about this one. The ISO/IEC 20000 standard is all about establishing a quality management system, so the answer that mentions providing guidelines for quality management measures is the best choice.
RA
Raina
1 year ago
I'm pretty sure a name and a data type are required to define a column, but I'm not sure about the other one. I'll have to think this through carefully.
MI
Mira
2 years ago
Alright, let's see here... Ah, I think I've got it. The answer is D) 21,340 credit. Nailed it!
SH
Shizue
1 year ago
Great job on getting the answer right, it's D) 21,340 credit.
ST
Stevie
1 year ago
That's right, D) 21,340 credit is the resulting balance in the cash book.
NE
Nell
1 year ago
Nice job! You're correct, the answer is D) 21,340 credit.
ST
Stevie
2 years ago
D) 21,340 credit, got it. This is a classic cash book question. Easy peasy, lemon squeezy!
AU
Audra
1 year ago
D) 21,340 credit
DO
Dolores
1 year ago
C) 34,540 debit
ST
Stevie
1 year ago
B) 31,040 debit
LE
Leandro
1 year ago
A) 24,580 credit
AR
Arlene
2 years ago
Hmm, I'm not too sure about this one. Let me go through the numbers again. Ah, I see now, D) 21,340 credit is the correct answer. Nice one!
LA
Laurena
1 year ago
Actually, it's D) 21,340 credit. Good job!
RO
Rodrigo
1 year ago
I think it's B) 31,040 debit.
NA
Nancey
2 years ago
I'm not sure, but I think it might be 21,340 credit because of the payments to payables and bank charges reducing the balance.
LI
Lilli
2 years ago
I think the answer is D) 21,340 credit. The question gives us the opening balance, and then we need to add the cash sales and receipts, and subtract the payments and bank charges. This seems to add up to a credit balance of 21,340.
IZ
Izetta
2 years ago
I agree with Lina, because the cash sales and receipts from customers will increase the balance.
LI
Lina
2 years ago
I think the resulting balance will be 24,580 credit.