Receipts and Payments Account ₦ ₦ Balance b/d ? Rent and rates 30 000 Subscriptions received ? General expenses 10 000 Gate-fee collections 50 000 Electrici...

Question 1 Report

Receipts and Payments Account
	₦		₦
Balance b/d	?	Rent and rates	30 000
Subscriptions received	?	General expenses	10 000
Gate-fee collections	50 000	Electricity	20 000
		Insurance	150 000
	?	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?

₦35 000

₦211 000

₦5 000

₦10 000

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