A club received a rent of N10,000 and a donation of N30,000. it paid N6,000 for entertainment and is still owing N16,000. The balance of the receipts and payments account is?
A. N14,000
B. N24,000
C. N8,000
D. N42,000
Correct Answer:
Option A = N14,000
Explanation
income= N30,000 donation
expenditure= N10,000 rent + N6,000 entertainment= N16,000
income – expenditure = N30,000 – N16,000 = N14,000
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