Accounting Questions and Answers

Determine the opening cash balance of the club?

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.
Calculate the total figure for the receipt and payments account?

A company has departments X, Y and Z. Department X occupies a space of Y while Z occupies half the space of Y. If the company pays N70 000 on rent, what is the amount of rent that should be allocated to Y?

In converting a to a partnership company, the loss on asset revaluation is?

MPOBA Club's annual donations from members amount to 112% of its internally generated revenue from the following.

Sales of drinks...................N212,500
Annual dues.......................N112,000

How much is the total receipt of the club?