Income and expenditure account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
What is the amount to be written off as other expenses?

A. N4500
B. N6000
C. N4000
D. N5000

Question 12:

• JAMB 2002

It is the tradition of the club to write off an amount equal to 25% of the subscriptions received as other expenses.
Determine the club's excess of income over expenditure

A. N12000
B. N15000
C. N10000
D. N14500

Question 13:

• JAMB 2002

Subscriptions received are always put at 125% of the total donations received and refreshment sales.
What is the closing cash balance ?

A. N11500
B. N12000
C. N13000
D. N13500

Question 14:

• JAMB 2003

Use the information below to answer question
Total sales of ticket.......................N300 000
Amount received from the sales..............N260 000
Cash purchase of club house.................N100 000
Credit purchase of equipment ...............N60 000
Electricity bill paid ......................N5 000
Salaries owed ..............................N2 000
What is the balance of the income and expenditure account?

A. N300 000
B. N293 000
C. N193 000
D. N133 000

Question 15:

• JAMB 2004

Where the debit side of the income and expenditure account is higher than the credit side, the difference is a?

A. Deflicit
B. Surplus
C. Gain
D. Loss