JAMB Accounting 2015 Objective — Question 18

Question 18 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

Using the same information as question 17, what is the balance on its cash account as at 31/1/95?

A. ₦22,800
B. ₦21,200
C. ₦9,200Correct
D. ₦800

Explanation

Cash = 28,500 − 12,000 (rent) − 15,000 (purchases) + 8,200 (sales) − 500 (sales boy) = ₦9,200.

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