WAEC Financial Accounting 2025 Question 5

Use the following information to answer questions 4 and 5
1/2/2021 Balance as per bank statement ₦90,000 O/D: Cheques of ₦30,000 issued on 20/2/2021 and presented to bank for payment on 7/3/2021: Cheques of ₦40,000 issued on 22/2/2021 and credited by the bank on 8/3/2021.
The balance as per the adjusted cash book on 28/2/2021 means that the

1. A.business is owing the bank.
2. B.business owns the amount in the bank.
3. C.bank is owing the business.
4. D.business made a surplus.