JAMB Accounting 2017 Objective — Question 16

Question 16 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

Opening balance of Dika's company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?

A. A. #36,902Correct
B. B. #12,498
C. C. #43,098
D. D. #27,502

Explanation

Cash paid = Opening balance + Cash received - Closing balance = 12,202+40,000-15,300 = #36,902.

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