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Use the information below to answer the question   Liabilities           ...

Accounts - Principles of Accounts
JAMB 2018

Use the information below to answer the question

 

Liabilities                     ₦ Assets                                   ₦
Capital                        40,000          Furnishing                               10,000
  Ceiling Fan                               1,500
  Cash in Hand                         28,500
                                    40,000                                                40,000

 

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

 

If at 31/1/95 the following information was ascertained;

  (i). rent for shop #12,000 paid for the year

  (ii). Total purchases #15,000

  (iii). Total sales #8,200

  (iv). Stock of goods left #10,000

  (v). paid sales boy #500

 

  What is the balance on its cash account as at 31/1/95

  • A. #22,800
  • B. #9,200
  • C. #800
  • D. #21,200
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Correct Answer: Option B
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709