What is the receipts and payment account balance?

Total sales of ticket…………………..N300 000
Amount received from the sales…………..N260 000
Cash purchase of club house……………..N100 000
Credit purchase of equipment ……………N60 000
Electricity bill paid ………………….N5 000
Salaries owed …………………………N2 000

A. N260 000
B. N233 000
C. N155 000
D. N100 000

Correct Answer:

Option C – N155 000