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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.

Total expenses debited to income and expenditure Account for 2018 was 

  • A. #8,095,000
  • B. #4,095,000
  • C. #4,515,000
  • D. #1,610,000
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Correct Answer: Option A
Explanation

Total expenses for 2018 = Wages and salaries (₦2,400,000) + Rent and rates (₦600,000) + Anniversary dance expenses (₦955,000) + Travelling expenses (₦140,000) + Kitchen equipment (₦4,000,000) = ₦8,095,000.


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