Question 37
Not-for-Profit OrganisationsUse the following information to answer questions 36 and 37.
Receipt and Payments: 31st December, 2016 (₦)
Receipts: Cash at bank 460; Subscriptions 520; Donations 500; Sale of tickets 490; Entrance fees 670
Payments: New equipment 200; Cleaners' wages 540; Stationery 140; Repairs 110
The total income received for the year is
- A.₦2,640.
- B.₦2,180.
- C.₦1,890.
- D.₦1,690.
Show the answer and explanation
Answer: B (₦2,180.)
Explanation
Subscriptions, donations, tickets and entrance fees: 520 + 500 + 490 + 670 = ₦2,180; the opening bank balance is not income.