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

Question 31:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s accumulated fund?

A. N699, 000
B. N641, 000
C. N402, 000
D. N605, 000

Question 32:

• JAMB 2015

Use the following information to answer this question.
Club building 400,000
Subscription prepaid 3,000
Sport kits 150,000
Bar creditors 85,000
Subscription owing 32,000
What is the club’s total liabilities

A. N11, 700
B. N26, 700
C. N88, 000
D. N85, 000

Question 33:

• JAMB 2016

Which of the following is accounted for in receipts and payments account?

A. Accrued expenses on annual dances
B. Subscriptions due but not yet received
C. Interest on bank deposit
D. Depreciation of the club house

Question 34:

• JAMB 2017

Capital for a profit making organization is generated through

A. Subscription
B. Shares
C. Donation
D. Gift

Question 35:

• JAMB 2017

one of the options below is not the source of income for non- profit organization

A. Entrance fees
B. Subscription/dues
C. Odrinary shares
D. Donations