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JAMB Principles of Accounts 2000 Question 32

Question 32

Not-for-Profit Organisations

Given:
(₦)
Opening cash balance 20,000
Sale of match tickets 15,000
Clearing of pitch 1,200
Refreshments 3,500
Referees' allowance 1,000
Cost of petrol for bus 1120
Donation from local government 3,800
The club's cash balance is

  1. A.₦39,180
  2. B.₦34,830
  3. C.₦34,380
  4. D.₦31,980.
Show the answer and explanation

Answer: D (₦31,980.)

Explanation

Receipts = 20,000 + 15,000 + 3,800 = 38,800. Payments = 1,200 + 3,500 + 1,000 + 1,120 = 6,820. Balance = ₦31,980.