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 he bank during the period.
A. N3070
B. N2220
C. N5710
D. N4320
Correct Answer:
Option B – N2220
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