Use the information to answer this question Receipts and Payment Account (Extract) N Bal b/f 3650 Insurance 900 Subscription (99) 7500 Rate 11,700 (2000) 10...

Assessment: JAMB UTME - Principles of Accounts - 2019 Subject: Financial Accounting

Question 1 Report

Use the information to answer this question

Receipts and Payment Account (Extract)

N
Bal b/f 3650 Insurance 900
Subscription (99) 7500 Rate 11,700
(2000) 1000 Bal c/d 8,050
Fees 8500
20,650 20,650

The following information were given:

1/199 31/12/99
Rates owing 3,600 2000
Insurance prepaid 50 1000
Subscription in arrears 700 600

What is the opening cash balance

Answer Details
The opening cash balance can be found by looking at the Receipts and Payments Account. The "Bal b/f" column represents the balance brought forward from the previous period, which is the opening cash balance. In this case, the opening cash balance is ₦3,650, which is the first entry under "Bal b/f" in the Receipts and Payments Account. Therefore, the correct option is (3) ₦3,650.
Read lesson note on Nature And Significance Of Accounting (JAMB)
View Answer

Related Questions

1

The advantage of double entry is that
2

Goods were purchased for resale on credit costing ₦150,000 on 30th September 20X8 from Tosanwumi International. The entry to record these transaction is debit
3

Transactions are recorded or posted to the ledger in line with
4

Use the following information to answer this question The following are the final accounts of a trading organisation Wazobi ventures, for the year ended 30th...
5

Show how the following transaction will be recorded applying the double entry principle: Rent ₦50,000 was paid by Mr. Roi to his landlord on 1st July, 20 × 7...
6

If only wages is shown on the trial balance, it should be charged to the
7

Accounts can be classified into
8

A statement in a double entry system in which are recorded all the transactions of one specific class, which takes place during the period is called

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning