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

Assessment: JAMB UTME - Principles of Accounts - 2006 Subject: Financial Accounting

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?

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