Calculate the total figure for the receipt and payments account?

Use the information below to answer questions.

Entrance fees…………………….N1200
Subscriptions (including N850 arrears). N4310
Donations received………………..N1500
Proceeds from sales……………….N2300
Total payments……………………N8200
Depreciation……………………..N2100
Closing cash balance………………N1110

The club deposited 200% of the closing cash balance in the bank during the period.

A. N11 410
B. N13 630
C. N9 310
D. N11 530

Correct Answer:

Option D – N11 530