During a financial quarter, a ministry of finance recorded an opening balance of ₦10,000,000 in the Consolidated Revenue Fund (CRF). Total receipts credited to the CRF comprised ₦50,000,000 from statutory allocation and ₦20,000,000 from internally generated revenue. Approved payments and transfers from the fund included ₦30,000,000 for recurrent operational expenses, a statutory transfer of ₦25,000,000 to the Capital Development Fund, and ₦5,000,000 to replenish the Contingency Fund following an authorized emergency expenditure. What is the net closing balance of the Consolidated Revenue Fund at the end of the quarter?
- ₦20,000,000Cevap
- B₦25,000,000
- C₦10,000,000
- D₦50,000,000
Cevap
The net closing balance of the Consolidated Revenue Fund is ₦20,000,000.
The Consolidated Revenue Fund (CRF) acts as the main operating fund into which all government revenues are paid unless designated for another fund by law. The closing balance is calculated by taking the opening balance (₦10,000,000) plus all receipts (₦50,000,000 + ₦20,000,000 = ₦70,000,000), giving total available funds of ₦80,000,000. Subtracting all legitimate disbursements—recurrent expenditure of ₦30,000,000, capital fund transfer of ₦25,000,000, and contingency replenishment of ₦5,000,000 (totaling ₦60,000,000)—leaves a net closing balance of ₦20,000,000.
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Consolidated Revenue Fund Balance Determination
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