Question 1· Bank reconciliation statements· JAMB
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JAMB Accounts (Principles of Accounts) questions: Bank reconciliation statements
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All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19
- Explanation and discussion
Question 2· Bank reconciliation statements· JAMB
On 30 June the cash book of Musa Traders showed a debit balance of ₦84,000. The following were discovered: 1. Cheques issued but not yet presented: ₦15,000 2. Cheques paid in but not yet credited by the bank: ₦9,000 3. Bank charges not entered in the cash book: ₦1,200 4. A dividend of ₦7,000 received directly by the bank, not entered in the cash book
What is the adjusted cash book balance?
Explanation and discussionQuestion 3· Bank reconciliation statements· JAMB
Unpresented cheques are cheques that
Explanation and discussionQuestion 4· Bank reconciliation statements· JAMB
A customer's cheque paid into the bank was later dishonoured. In the cash book this is recorded by
Explanation and discussionQuestion 5· Bank reconciliation statements· JAMB
The cash book shows a debit bank balance of ₦45,000. Bank charges of ₦1,500 appear only on the bank statement. The corrected cash book balance is
Explanation and discussionQuestion 6· Bank reconciliation statements· JAMB
Interest allowed by the bank and shown only on the statement should be
Explanation and discussionQuestion 7· Bank reconciliation statements· JAMB
A direct credit by a customer into the bank, not yet in the cash book, should be
Explanation and discussionQuestion 8· Bank reconciliation statements· JAMB
A cheque for ₦4,500 paid to a supplier was entered in the cash book as ₦5,400. To correct this, the cash book should be
Explanation and discussionQuestion 9· Bank reconciliation statements· JAMB
A bank overdraft in the cash book appears as a balance on the
Explanation and discussionQuestion 10· Bank reconciliation statements· JAMB
Which of these items causes the bank statement balance to be higher than the cash book balance?
Explanation and discussionQuestion 11· Bank reconciliation statements· JAMB
A standing order payment shown on the bank statement but not in the cash book should be
Explanation and discussionQuestion 12· Bank reconciliation statements· JAMB
Bank statement balance ₦45,000; unpresented cheques ₦9,000; uncredited deposits ₦5,000. The adjusted cash book balance is
Explanation and discussionQuestion 13· Bank reconciliation statements· JAMB
The bank statement shows ₦60,000 in hand. Unpresented cheques total ₦15,000 and uncredited lodgements ₦9,000. What should the cash book show?
Explanation and discussionQuestion 14· Bank reconciliation statements· JAMB
On 30 June the cash book of Musa Traders showed a debit balance of ₦84,000. The following were discovered: 1. Cheques issued but not yet presented: ₦15,000 2. Cheques paid in but not yet credited by the bank: ₦9,000 3. Bank charges not entered in the cash book: ₦1,200 4. A dividend of ₦7,000 received directly by the bank, not entered in the cash book
What balance should the bank statement show?
Explanation and discussionQuestion 15· Bank reconciliation statements· JAMB
Uncredited lodgements are
Explanation and discussion
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