JAMB - Accounts Principles Of Accounts (2000 - No. 34)
Given:
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
cash book item:
Paid to suppliers N10,800
Expenses paid N6,900
Drawings made N900
Balances at start N15,750
Balances at end N3,870
Drawings from bank to shop N1,720
Determine the receipt from debtors?
N22,470
N17,470
N8,440
N5,000
Explanation
Starting Balance: N15,750, Ending Balance: N3,870,
Total Cash Outflows:
Paid to suppliers: N10,800
Expenses paid: N6,900
Drawings made: N900
Drawings from bank to shop: N1,720
Total Cash Outflows = N10,800 + N6,900 + N900 + N1,720 = N20,320
Net Cash Movement = Ending Balance - Starting Balance = N3,870 - N15,750 = -N11,880
Receipts from Debtors = Total Cash Inflows = Ending Balance − Starting Balance + Total Cash Outflows = N3,870 + N20,320 − N15,750 = N8,440.
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