WAEC Financial Accounting 2004 Question 37

Receipts and Payments Account
Receipts: Balance – 1st January, 2002 N200; Subscriptions received: 2002 N3,600, 2003 N250; Receipts from Bar N4,500; Receipts from dance N500; Sundry receipts N400; total N9,450
Payments: Bar supplies N2,850; Wages N350; General expenses N400; Printing expenses N120; Equipment N650; Repairs N200; Balance – 31st December N4,880; total N9,450
Additional information (1/01/02; 31/12/02): Equipment N4,500; N5,150. Stock – Bar N1,200; N3,200. Bar supplies N2,400; N5,600
Amount owing to Bar creditors is

1. A.N8,450
2. B.N6,050
3. C.N5,600
4. D.N2,850