Accounts of Not-For-Profit-Making Organizations - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 41:

• JAMB 2005

Gamji Memorial Club carried out an activity which yield a profit of N10 000. This amount is to be transferred to the?

A. Debit side of its profit and loss account
B. Credit side of its profit and loss account
C. Debit side of its income and expenditure account
D. Credit side of its income and expenditure account

Question 42:

• JAMB 2006

Given:
Subscriptions received.........N200 000
Subscriptions owed.............N10 000
Subscriptions in advance.......N25 000
Calculate the subscription in the income and expenditure account?

A. N200 000
B. N235 000
C. N185 000
D. N225 000

Question 43:

• JAMB 2006

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.
Sales of drinks...................N212 500
Annual dues.......................N112 000
How much is the total receipt of the club?

A. N563 440
B. N687 940
C. N363 440
D. N524 500

Question 44:

• JAMB 2006

Determine the opening cash balance of the club?

A. N3 070
B. N2 220
C. N5 710
D. N4 320

Question 45:

• JAMB 2006

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.
What is the closing cash balance?

A. N35 000
B. N211 000
C. N5 000
D. N10 000