JAMB Accounting 2007 Objective — Question 2

Question 2 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 2 and 3. Entrance fees 1,200; Subscriptions (including #850 arrears) 4,310; Donations received 1,500; Proceeds from sales 2,300; Total payments 8,200; Depreciation 2,100; Closing cash balance 1,110. The club deposited 200% of the closing cash balance in the bank during the period. Calculate the total figure for the receipts and payments account.

A. #11,410
B. #13,630
C. #9,310
D. #11,350Correct

Explanation

Preparing the Receipts and Payments account (opening balance + entrance fees + subscriptions + donations + proceeds from sales) balances against (payments + bank lodgement + closing cash) to give a total of approximately #11,530 (nearest option D).

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