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

Question 36:

• JAMB 2017

Given:
I. It records subscription in arrears
II. Payments of liabilities is effected
III. The account does not show if cash payment is revenue or capital expenditure
IV. It performs the same function as cashbook
The features of receipts and payment account includes

A. I,II and IV
B. II,III and IV
C. III and IV
D. I,II and III

Question 37:

• JAMB 2018

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

A. N14,000
B. N24,000
C. N8,000
D. N42,000

Question 38:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


The N6,000 subscription received is?

A. Capital
B. Fixed asset
C. Current liability
D. Current asset

Question 39:

• JAMB 2018

subscription received during the year N30,000. Subscription owed last year N4,000. subscription received for next year N6,000.
use the details above to answer the following question.


what is the subscription to be charged to income and expenditure account?

A. N20,000
B. N30,000
C. N34,000
D. N36,000

Question 40:

• JAMB 2018

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

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