Question 47
Not-for-Profit OrganisationsMPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following:
Sales of drinks ₦212 500
Annual dues ₦112 000
How much is the total receipts of the club?
- A.₦563 440
- B.₦687 940
- C.₦363 440
- D.₦524 500
Show the answer and explanation
Answer: B (₦687 940)
Explanation
Internal revenue = 212 500 + 112 000 = ₦324 500. Donations = 112% × 324 500 = ₦363 440. Total receipts = ₦687 940.