A club received rent N10,000 and donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000 . The balance of the receipts and payments account is?
-
A.
N14,000 -
B.
N24,000 -
C.
N8,000 -
D.
N42,000
Correct Answer: Option A
Explanation
income= N30,000 donation
expenditure= N10,000 rent + N6,000 entertainment= N16,000
income – expenditure = N30,000 – N16,000 = N14,000