The financial records of Apex Cultural Society present the following cash and non-cash items for the year ended 31st December 2025:
| Item / Transaction | Amount (₦) |
|---|---|
| Opening cash balance | 15,000 |
| Subscriptions received | 50,000 |
| Life membership fees received | 20,000 |
| Salaries paid | 30,000 |
| Purchase of furniture | 25,000 |
| Depreciation of furniture | 5,000 |
What is the closing cash balance in the Receipts and Payments Account as at 31st December 2025?
- ₦30,000Cevap
- B₦25,000
- C₦55,000
- D₦35,000
Cevap
₦30,000
The correct closing cash balance of ₦30,000 is determined by summing all cash inflows (opening cash balance of ₦15,000 + subscriptions received of ₦50,000 + life membership fees of ₦20,000 = ₦85,000) and deducting all cash outflows (salaries paid of ₦30,000 + purchase of furniture of ₦25,000 = ₦55,000). Non-cash transactions such as depreciation (₦5,000) are strictly excluded from the Receipts and Payments Account.
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Anahtar Kavram
Scope and preparation of the Receipts and Payments Account
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