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JAMB Principles of Accounts 2012 Question 32

Question 32

Not-for-Profit Organisations

Receipt and Payment Accounts (Extract)
Receipts: 1/9 Balance b/f ₦210,000; 5/9 Subscriptions ₦80,000; 30/9 Donations ₦60,000
Payments: 10/9 Salary ₦20,000; 15/9 Wages ₦15,000; 20/9 Donations ₦40,000; 20/9 Transportation ₦10,000; 30/9 Entertainment ₦50,000
Determine the balance.

  1. A.415,000 debit
  2. B.215,000 credit
  3. C.215,000 debit
  4. D.315,000 credit.
Show the answer and explanation

Answer: C (215,000 debit)

Explanation

Receipts = 350 000; payments = 135 000. Balance = ₦215 000 on the debit side (cash in hand).