Paper 2 · June 2012 · Incomplete Records
Henry started a business by paying $26 000 into the bank, and later paid a bank loan of $21 200 into the same account. All other bank receipts were takings banked from the cash till. Payments out of the bank during the year totalled $512 396 and the bank balance at the year end was $32 600. Calculate the amount banked from the cash till during the year.
Model answer
497796
Also accepted: 497 796, $497 796
Explanation
The bankings are the balancing figure of the bank column. Payments $512 396 plus the closing balance $32 600 = $544 996. Receipts already known are $26 000 + $21 200 = $47 200, so the bankings are $544 996 - $47 200 = $497 796.
Derived from ZIMSEC Accounting 9197/2 Paper 2, June 2012, Q1