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Receipts and Payments Account of Abalure Youth Club for the year ended 31st December 2018...

Accounts - Principles of Accounts
JAMB 2025

Receipts and Payments Account of Abalure Youth Club for the year ended 31st December 2018

Subscriptions for 2017 and 2019 received during the year were #180,000 and #150,000, respectively.

The surplus for the year 2018 was

 

  • A. #5,235,000
  • B. #7,865,000
  • C. #5,845,000
  • D. #7,535,000
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Correct Answer: Option A
Explanation

Surplus = 11,930,000 (i.e the addition of all income in the receipts and payment account) - 8,095,000 (from total expenses) = #5,235,000

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