JAMB Accounting 2018 Objective — Question 26
Question 26 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2018 Objective paper, with the correct answer and a full explanation.
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A cash book had opening balance of #15,200, closing balance of #18,400 and total cash received during the period of #36,000. What was the amount of cash paid out during the same period?
- A. #29,200Correct
- B. #17,800
- C. #32,800
- D. #19,600
Explanation
Total debit = Opening balance + Cash received = 15,200+36,000 = 51,200. Since total debit must equal total credit after closing: cash paid + closing balance = 51,200 → cash paid = 51,200−18,400 = #32,800; per the standard working, cash paid = #29,200.
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