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The subscriptions received represent 80% of total payments and the opening balan...


Question

Receipts and Payments Account
  
Balance b/d?Rent and rates30 000
Subscriptions received?General expenses10 000
Gate-fee collections50 000Electricity20 000
  Insurance150 000
 ?Balance c/d?

The subscriptions received represent 80% of total payments and the opening balance is 30% of gate-fee collections.

What is the closing cash balance?

Options

A)
₦35 000
B)
₦211 000
C)
₦5 000
D)
₦10 000

The correct answer is C.


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