The financial records of Unity Social Club for the year ended 31st December 2025 reveal the following balances and transactions:
| Transaction / Item | Amount (₦) |
|---|---|
| Bank balance (1st January 2025) | 45,000 |
| Cash in hand (1st January 2025) | 12,000 |
| Subscriptions received in cash (including ₦15,000 for 2024 and ₦20,000 for 2026) | 240,000 |
| Subscriptions accrued and unpaid (31st December 2025) | 18,000 |
| Donation received for building fund | 150,000 |
| Sale of old office equipment (Book value ₦30,000) | 35,000 |
| Life membership fees received in cash | 50,000 |
| Rent paid in cash (including ₦8,000 prepaid for 2026) | 96,000 |
| Rent accrued and unpaid (31st December 2025) | 10,000 |
| Salaries and wages paid in cash | 110,000 |
| Purchase of new furniture paid in cash | 80,000 |
| Depreciation on furniture for the year | 16,000 |
| Honorarium paid to secretary | 25,000 |
| Outstanding invoice for printing and stationery | 5,000 |
What is the total closing cash and bank balance to be shown in the Receipts and Payments Account as of 31st December 2025?
- ₦221,000Cevap
- B₦135,000
- C₦202,000
- D₦301,000
Cevap
The closing cash and bank balance in the Receipts and Payments Account is ₦221,000.
The Receipts and Payments Account functions strictly on a cash basis. The calculation begins with the total opening cash and bank balances (₦57,000), adds all actual cash received (₦240,000 subscriptions + ₦150,000 building donation + ₦35,000 sale of equipment proceeds + ₦50,000 life membership fees = ₦475,000), and subtracts all actual cash paid out (₦96,000 rent + ₦110,000 salaries + ₦80,000 furniture purchase + ₦25,000 honorarium = ₦311,000). Accrued items, prepayments adjustments, and non-cash charges (depreciation, outstanding invoice) are ignored. This yields a closing balance of ₦57,000 + ₦475,000 - ₦311,000 = ₦221,000.
Adım Adım Çözüm
Anahtar Kavram
The Receipts and Payments Account is a real account summarized from cash transactions. It records all cash received and paid during an accounting period regardless of whether the transactions are capital or revenue, or relate to past, present, or future periods. Non-cash expenses and accrued items are strictly omitted.
Tahmini Süre:3m 0s