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A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and...

Accounts - Principles of Accounts
JAMB 2018

A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?

  • A. N14,000
  • B. N24,000
  • C. N8,000
  • D. N42,000
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Correct Answer: Option A
Explanation

income= N30,000 donation

expenditure= N10,000 rent + N6,000 entertainment= N16,000

income - expenditure = N30,000 - N16,000 = N14,000

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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