The financial summary of Anchor Recreation Club for the year ended 31st December 2025 shows the following figures:
| Item / Transaction | Amount (₦) |
|---|---|
| Opening bank balance (1st Jan 2025) | 45,000 |
| Subscriptions received in cash | 120,000 |
| Life membership fees received | 25,000 |
| Purchase of new furniture | 40,000 |
| Payment of club rent | 30,000 |
| General office expenses paid | 18,000 |
| Depreciation on club house | 8,000 |
| Subscriptions accrued at year end | 12,000 |
What is the closing cash and bank balance to be reported in the Receipts and Payments Account as at 31st December 2025?
- ₦ 102,000Cevap
- B₦ 114,000
- C₦ 94,000
- D�� 142,000
Cevap
The closing cash and bank balance is ₦ 102,000.
The correct closing balance of ₦ 102,000 is derived by summarizing all cash inflows (Opening balance of ₦ 45,000 + Subscriptions received of ₦ 120,000 + Life membership fees of ₦ 25,000 = ₦ 190,000) and deducting all cash outflows (Furniture purchase of ₦ 40,000 + Club rent of ₦ 30,000 + Office expenses of ₦ 18,000 = ₦ 88,000). Non-cash items such as depreciation (₦ 8,000) and accrued subscriptions (₦ 12,000) are excluded.
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Scope and preparation of the Receipts and Payments Account