Receipts and payments account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 1999

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?

A. N6,150
B. N4,850
C. N4,650
D. N1,300

Question 7:

• JAMB 1999

A credit balance on a receipt and payments account indicates that the non-profit making organization?

A. Had more revenues than expenses during the period
B. Did not owe much liabilities during the period
C. Received more cash than it paid out during the period
D. Made more cash payments than it received during the period

Question 8:

• JAMB 2000

Given:
Opening cash balance N20,000
Sales of match tickets N15,000
Clearing of pitch N1,200
Refreshments N3,500
Referees' allowance N1,000
Cost of petrol N1,120
Donation from local government N3,800
The club's balance is?

A. N39,180
B. N34,830
C. N34,380
D. N31,980

Question 9:

• JAMB 2000

The accumulation fund of a non-trading concern can equally be referred to as?

A. Members' equity
B. Share capital
C. General fund
D. Surplus fund

Question 10:

• JAMB 2001

A club received rent N10,000 and donation N30,000. It paid N6,000 for entertainment and is still owing N16,000.
The balance of the payments account is?

A. N24,000
B. N22,000
C. N14,000
D. 8,000
E. NO OPTION INDICATED