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

Question 11:

• JAMB 2003

Income and expenditure account is more informative than receipts and payments account because it discloses?

A. Cash
B. Cheques
C. Debtors
D. Stocks

Question 12:

• JAMB 2003

Given:
..............Rich Social Club...........
Cash.........................N100,000
Loan ........................N30,000
Subscription in arrears......N5,000
Subscription in advance......N15,000
What is the accumulation fund?

A. N60,000
B. N80,000
C. N90,000
D. N110,000

Question 13:

• 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 receipts and payment account balance?

A. N260 000
B. N233 000
C. N155 000
D. N100 000

Question 14:

• JAMB 2003

Receipts and payments accounts is the summary of?

A. Income and expenditure
B. Cash book
C. Balance sheet
D. Profit and loss

Question 15:

• JAMB 2004

Use the information below to answer questions 28 and 29.
On January 1,2000, a club's assets and liabilities were as follows:
Club house...................N8,000
Subscription.................N300
Cash.........................N1,000
Wages owed...................N100
The club has 50 members and annual subscription is N100 per member.
Subscription received is N4,000 and this includes 1999 arrears of N200.
The accumulated fund is?

A. N9,400
B. N9,300
C. N9,200
D. N9,100